Commerce Bank Sells 434 Shares of Simon Property Group, Inc. (NYSE:SPG)

Commerce Bank lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 20,597 shares of the real estate investment trust’s stock after selling 434 shares during the period. Commerce Bank’s holdings in Simon Property Group were worth $3,481,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after buying an additional 3,626 shares during the last quarter. Red Cedar Investment Management LLC grew its position in Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after acquiring an additional 10,644 shares in the last quarter. TTP Investments Inc. increased its stake in Simon Property Group by 42.0% during the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after acquiring an additional 10,147 shares during the last quarter. Forte Capital LLC ADV purchased a new stake in Simon Property Group during the third quarter valued at approximately $630,000. Finally, Radnor Capital Management LLC bought a new stake in shares of Simon Property Group in the 3rd quarter valued at approximately $1,602,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $160.00 to $172.00 in a research report on Monday, September 16th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial lifted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho increased their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Finally, Stifel Nicolaus restated a “hold” rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $181.14 on Friday. The firm’s 50 day simple moving average is $172.55 and its 200-day simple moving average is $160.08. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $183.96. The firm has a market cap of $59.10 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 10.57 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 firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.20 earnings per share. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

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

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Company 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.