Portside Wealth Group LLC Has $702,000 Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Portside Wealth Group LLC increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 19.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,153 shares of the real estate investment trust’s stock after acquiring an additional 673 shares during the period. Portside Wealth Group LLC’s holdings in Simon Property Group were worth $702,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth approximately $375,000. Envestnet Portfolio Solutions Inc. boosted its stake in Simon Property Group by 1.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 24,932 shares of the real estate investment trust’s stock worth $3,902,000 after acquiring an additional 431 shares in the last quarter. Empowered Funds LLC boosted its stake in Simon Property Group by 3.7% during the first quarter. Empowered Funds LLC now owns 34,369 shares of the real estate investment trust’s stock worth $5,378,000 after acquiring an additional 1,219 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Simon Property Group in the first quarter worth $8,771,000. Finally, BCGM Wealth Management LLC increased its stake in Simon Property Group by 3.5% in the first quarter. BCGM Wealth Management LLC now owns 9,986 shares of the real estate investment trust’s stock valued at $1,563,000 after purchasing an additional 340 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Up 1.9 %

Simon Property Group stock opened at $179.04 on Friday. The firm has a 50 day simple moving average of $169.33 and a 200 day simple moving average of $157.46. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 1-year low of $113.40 and a 1-year high of $179.46. The firm has a market capitalization of $58.37 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 9.89 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm posted $3.20 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts predict that Simon Property Group, Inc. will post 12.81 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 4.69%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is presently 109.19%.

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 8.50% of the stock is owned by insiders.

Analyst Ratings Changes

SPG has been the topic of a number of research analyst reports. Scotiabank increased their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Truist Financial upped their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.