Concentric Wealth Management LLC Cuts Position in Simon Property Group, Inc. (NYSE:SPG)

Concentric Wealth Management LLC reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,091 shares of the real estate investment trust’s stock after selling 79 shares during the period. Concentric Wealth Management LLC’s holdings in Simon Property Group were worth $5,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of SPG. Opal Wealth Advisors LLC acquired a new stake in shares of Simon Property Group during the second quarter worth about $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group during the first quarter worth approximately $26,000. Wetzel Investment Advisors Inc. acquired a new stake in Simon Property Group in the second quarter valued at approximately $27,000. RFP Financial Group LLC lifted its stake in Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in Simon Property Group during the 1st quarter worth approximately $29,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on SPG shares. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Mizuho boosted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Scotiabank lifted their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and an average price target of $162.78.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction that occurred 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 acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $181.14 on Monday. The company has a market cap of $59.10 billion, a P/E ratio of 24.12, a P/E/G ratio of 10.57 and a beta of 1.74. The business has a fifty day simple moving average of $172.55 and a 200-day simple moving average of $160.25. Simon Property Group, Inc. has a 52 week low of $119.92 and a 52 week high of $183.96. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.20 EPS. Equities research analysts forecast that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend 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 annualized dividend and a yield of 4.64%. Simon Property Group’s dividend payout ratio is currently 109.19%.

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.