Amalgamated Bank Reduces Holdings in Simon Property Group, Inc. (NYSE:SPG)

Amalgamated Bank reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 6.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 62,293 shares of the real estate investment trust’s stock after selling 4,484 shares during the period. Amalgamated Bank’s holdings in Simon Property Group were worth $10,529,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Clearstead Trust LLC bought a new stake in shares of Simon Property Group in the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group during the 2nd quarter valued at $25,000. EntryPoint Capital LLC bought a new stake in Simon Property Group during the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Simon Property Group during the second quarter worth $27,000. Finally, RFP Financial Group LLC boosted its holdings in shares of Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 160 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $174.39 on Wednesday. The company’s fifty day moving average price is $168.77 and its 200-day moving average price is $156.96. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.04. The firm has a market capitalization of $56.86 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 9.79 and a beta of 1.74. Simon Property Group, Inc. has a one year low of $113.40 and a one year high of $177.08.

Simon Property Group (NYSE:SPG) last announced 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 company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the firm posted $3.20 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Simon Property Group, Inc. will post 12.83 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.82%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is currently 109.19%.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares of the company’s stock, 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 SEC, which is available through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial increased their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Mizuho boosted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Simon Property Group 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.