The Manufacturers Life Insurance Company Sells 6,314 Shares of Simon Property Group, Inc. (NYSE:SPG)

The Manufacturers Life Insurance Company lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 230,044 shares of the real estate investment trust’s stock after selling 6,314 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Simon Property Group worth $38,882,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Truvestments Capital LLC lifted its holdings in shares of Simon Property Group by 1.0% in the third quarter. Truvestments Capital LLC now owns 22,958 shares of the real estate investment trust’s stock worth $3,880,000 after acquiring an additional 221 shares during the last quarter. DRW Securities LLC bought a new position in shares of Simon Property Group in the third quarter worth about $287,000. Summit Trail Advisors LLC raised its holdings in Simon Property Group by 19.3% in the 3rd quarter. Summit Trail Advisors LLC now owns 4,442 shares of the real estate investment trust’s stock valued at $751,000 after buying an additional 718 shares during the last quarter. Larson Financial Group LLC raised its holdings in Simon Property Group by 12.2% in the 3rd quarter. Larson Financial Group LLC now owns 3,503 shares of the real estate investment trust’s stock valued at $592,000 after buying an additional 381 shares during the last quarter. Finally, Penserra Capital Management LLC raised its holdings in Simon Property Group by 17.2% in the 3rd quarter. Penserra Capital Management LLC now owns 9,646 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 1,413 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

SPG has been the subject of a number of research reports. Scotiabank raised their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Truist Financial raised their price objective 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. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was bought at an average price 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 $5,738,557.30. This represents a 1.09 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 0.2 %

Simon Property Group stock opened at $183.75 on Friday. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a 52-week low of $120.50 and a 52-week high of $186.00. The firm has a 50 day moving average price of $173.96 and a two-hundred day moving average price of $161.04. The firm has a market cap of $59.95 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 10.51 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data 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). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $3.20 EPS. Equities analysts predict that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.57%. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

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.