Van ECK Associates Corp Buys 16,032 Shares of Simon Property Group, Inc. (NYSE:SPG)

Van ECK Associates Corp boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 11.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 153,314 shares of the real estate investment trust’s stock after purchasing an additional 16,032 shares during the quarter. Van ECK Associates Corp’s holdings in Simon Property Group were worth $26,649,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Inspire Advisors LLC grew its position in Simon Property Group by 1.6% during the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock worth $696,000 after acquiring an additional 65 shares during the last quarter. Diligent Investors LLC raised its position in Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after purchasing an additional 68 shares during the last quarter. Augustine Asset Management Inc. lifted its holdings in Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares during the period. Bleakley Financial Group LLC grew its position in shares of Simon Property Group by 1.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock worth $1,044,000 after buying an additional 68 shares during the last quarter. Finally, TIAA Trust National Association increased its stake in shares of Simon Property Group by 3.7% during 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 buying an additional 69 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $172.16 on Tuesday. The firm has a fifty day simple moving average of $168.65 and a two-hundred day simple moving average of $156.72. Simon Property Group, Inc. has a 52 week low of $113.40 and a 52 week high of $177.08. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The stock has a market capitalization of $56.13 billion, a P/E ratio of 21.88, a PEG ratio of 9.61 and a beta of 1.74.

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 for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business posted $2.88 earnings per share. Simon Property Group’s revenue was up 4.8% on a year-over-year basis. On average, analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 104.19%.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SPG shares. Stifel Nicolaus reissued a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Scotiabank upped 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 research report on Monday, August 26th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $162.78.

About Simon Property Group

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.