Kentucky Retirement Systems Insurance Trust Fund Sells 1,439 Shares of Simon Property Group, Inc. (NYSE:SPG)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 13.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,074 shares of the real estate investment trust’s stock after selling 1,439 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Simon Property Group were worth $1,534,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPG. Empowered Funds LLC grew its stake in shares of Simon Property Group by 17.2% in the third quarter. Empowered Funds LLC now owns 43,810 shares of the real estate investment trust’s stock worth $7,405,000 after acquiring an additional 6,437 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Simon Property Group by 3.2% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 17,296 shares of the real estate investment trust’s stock worth $2,923,000 after buying an additional 530 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Simon Property Group by 3.4% during the third quarter. CIBC Asset Management Inc now owns 45,308 shares of the real estate investment trust’s stock valued at $7,658,000 after buying an additional 1,506 shares during the last quarter. Balboa Wealth Partners bought a new stake in shares of Simon Property Group during the third quarter valued at approximately $206,000. Finally, OneDigital Investment Advisors LLC raised its holdings in Simon Property Group by 3.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,509 shares of the real estate investment trust’s stock worth $1,100,000 after acquiring an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity

In related news, Director Allan B. Hubbard bought 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the purchase, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 1.09 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

SPG has been the topic of several recent analyst reports. Scotiabank increased their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho lifted their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Finally, Stifel Nicolaus restated a “hold” rating and set a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Trading Up 1.1 %

Shares of NYSE:SPG opened at $180.27 on Friday. Simon Property Group, Inc. has a 12-month low of $119.72 and a 12-month high of $182.84. The company has a market cap of $58.78 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 10.52 and a beta of 1.74. The stock has a 50 day moving average of $170.77 and a 200 day moving average of $158.84. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $3.20 EPS. As a group, equities research analysts expect 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. Shareholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date is Monday, December 9th. 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.