Sittner & Nelson LLC Raises Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Sittner & Nelson LLC increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1,363.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 644 shares of the real estate investment trust’s stock after purchasing an additional 600 shares during the quarter. Sittner & Nelson LLC’s holdings in Simon Property Group were worth $109,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Clearstead Trust LLC purchased a new stake in Simon Property Group in the first quarter valued at about $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group in the first quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group in the second quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group in the second quarter valued at about $27,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Simon Property Group in the first quarter valued at about $29,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $175.75 on Friday. Simon Property Group, Inc. has a 52 week low of $113.40 and a 52 week high of $178.71. The business’s fifty day simple moving average is $168.89 and its 200-day simple moving average is $157.07. The firm has a market cap of $57.30 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 9.89 and a beta of 1.74. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company posted $3.20 EPS. Simon Property Group’s revenue was up 4.9% on a year-over-year basis. Equities analysts forecast that Simon Property Group, Inc. will post 12.81 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.78%. Simon Property Group’s dividend payout ratio is presently 109.19%.

Insider Buying and Selling

In other news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the purchase, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SPG shares. 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 report on Tuesday, September 3rd. Truist Financial boosted 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. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Finally, StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group presently has a consensus 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.