abrdn plc Has $58.89 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

abrdn plc reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 26.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 349,272 shares of the real estate investment trust’s stock after selling 127,123 shares during the quarter. abrdn plc owned approximately 0.11% of Simon Property Group worth $58,891,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SPG. International Assets Investment Management LLC raised its position in Simon Property Group by 18,764.1% in the third quarter. International Assets Investment Management LLC now owns 892,085 shares of the real estate investment trust’s stock worth $150,780,000 after purchasing an additional 887,356 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares in the last quarter. Strategic Financial Concepts LLC lifted its position in shares of Simon Property Group by 16,795.2% during the 2nd quarter. Strategic Financial Concepts LLC now owns 424,070 shares of the real estate investment trust’s stock worth $64,374,000 after buying an additional 421,560 shares during the period. Castle Hook Partners LP lifted its position in shares of Simon Property Group by 182.0% during the 1st quarter. Castle Hook Partners LP now owns 480,692 shares of the real estate investment trust’s stock worth $75,223,000 after buying an additional 310,207 shares during the period. Finally, Los Angeles Capital Management LLC boosted its stake in Simon Property Group by 5,778.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 265,954 shares of the real estate investment trust’s stock valued at $40,372,000 after buying an additional 261,430 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SPG shares. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Truist Financial lifted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. 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, Simon Property Group currently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by insiders.

Simon Property Group Stock Down 0.3 %

Simon Property Group stock opened at $172.05 on Wednesday. The firm has a market capitalization of $56.08 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 9.35 and a beta of 1.74. The company’s 50 day simple moving average is $168.17 and its 200 day simple moving average is $155.89. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. Simon Property Group, Inc. has a fifty-two week low of $104.24 and a fifty-two week high of $177.08.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business earned $2.88 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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. This represents a $8.20 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s dividend payout ratio is 104.46%.

Simon Property Group 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.