Parcion Private Wealth LLC Buys New Holdings in Simon Property Group, Inc. (NYSE:SPG)

Parcion Private Wealth LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,558 shares of the real estate investment trust’s stock, valued at approximately $263,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Inspire Advisors LLC increased its holdings in shares of Simon Property Group by 1.6% in the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock worth $696,000 after purchasing an additional 65 shares during the period. Diligent Investors LLC increased its holdings in shares of Simon Property Group by 0.5% in the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. increased its stake in Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares during the last quarter. Bleakley Financial Group LLC increased its stake in Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after acquiring an additional 68 shares during the last quarter. Finally, TIAA Trust National Association increased its stake in Simon Property Group by 3.7% in the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 69 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Down 1.7 %

Shares of SPG stock opened at $170.52 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a market capitalization of $55.58 billion, a P/E ratio of 21.72, a P/E/G ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 12-month low of $104.05 and a 12-month high of $177.08. The firm’s 50 day moving average is $167.66 and its 200 day moving average is $155.45.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company posted $2.88 EPS. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Research analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a $2.05 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.81%. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Insider Activity at Simon Property Group

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

Analysts Set New Price Targets

A number of research firms recently commented on SPG. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank increased their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Mizuho increased their target price 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. 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 stock presently has an average rating of “Hold” and a consensus target price of $162.78.

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.