Pitcairn Co. Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Pitcairn Co. grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,840 shares of the real estate investment trust’s stock after buying an additional 280 shares during the quarter. Pitcairn Co.’s holdings in Simon Property Group were worth $1,663,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPG. EntryPoint Capital LLC purchased a new stake in Simon Property Group during the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in shares of Simon Property Group during the 2nd quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group during the 2nd quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in Simon Property Group in the third quarter worth $30,000. Finally, Pathway Financial Advisers LLC purchased a new position in Simon Property Group during the first quarter worth $29,000. Institutional investors own 93.01% of the company’s stock.

Insider Activity

In related news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Truist Financial increased their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. 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. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Scotiabank raised their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Trading Down 0.4 %

SPG opened at $181.14 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The stock’s fifty day moving average is $172.55 and its two-hundred day moving average is $160.16. The company has a market capitalization of $59.10 billion, a P/E ratio of 24.12, a PEG ratio of 10.61 and a beta of 1.74. Simon Property Group, Inc. has a 52 week low of $119.92 and a 52 week high of $183.96.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results 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). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $3.20 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts forecast that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

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