Metis Global Partners LLC Acquires 5,809 Shares of Simon Property Group, Inc. (NYSE:SPG)

Metis Global Partners LLC grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,816 shares of the real estate investment trust’s stock after purchasing an additional 5,809 shares during the quarter. Metis Global Partners LLC’s holdings in Simon Property Group were worth $7,575,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SPG. Clearstead Trust LLC purchased a new stake in Simon Property Group in the 1st quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Simon Property Group in the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group in the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group during the 2nd quarter worth $27,000. Finally, RFP Financial Group LLC raised its position in Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $181.01 on Thursday. Simon Property Group, Inc. has a 52 week low of $119.71 and a 52 week high of $182.84. The business’s 50 day moving average price is $170.18 and its 200 day moving average price is $158.33. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market cap of $59.02 billion, a P/E ratio of 23.86, a P/E/G ratio of 10.40 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 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the company earned $3.20 earnings per share. On average, sell-side analysts expect that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be issued a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.64%. Simon Property Group’s payout ratio is presently 111.85%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SPG. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Mizuho increased their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Finally, Scotiabank boosted their price target on 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. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Insiders Place Their Bets

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.50% of the company’s stock.

About Simon Property Group

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.