Foundry Partners LLC Acquires 32,344 Shares of Simon Property Group, Inc. (NYSE:SPG)

Foundry Partners LLC lifted its stake in Simon Property Group, Inc. (NYSE:SPG) by 18.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,141 shares of the real estate investment trust’s stock after buying an additional 32,344 shares during the period. Simon Property Group makes up 1.7% of Foundry Partners LLC’s investment portfolio, making the stock its 7th largest holding. Foundry Partners LLC’s holdings in Simon Property Group were worth $31,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Clearstead Trust LLC purchased a new position in shares of Simon Property Group during the first quarter worth about $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group during the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in Simon Property Group during the second quarter worth approximately $25,000. Pathway Financial Advisers LLC acquired a new position in Simon Property Group during the first quarter worth approximately $29,000. Finally, RFP Financial Group LLC lifted its stake in 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 valued at $28,000 after buying an additional 160 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

SPG has been the topic of several research reports. Scotiabank raised their price objective 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. Stifel Nicolaus raised their target price on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday. Mizuho raised their target price 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, Evercore ISI raised their price target on Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $161.28.

Simon Property Group Trading Down 0.7 %

NYSE:SPG traded down $1.13 during mid-day trading on Friday, reaching $163.05. The company’s stock had a trading volume of 149,976 shares, compared to its average volume of 1,442,901. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $169.18. The company’s fifty day simple moving average is $155.62 and its two-hundred day simple moving average is $151.03. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The stock has a market cap of $53.15 billion, a P/E ratio of 20.91, a P/E/G ratio of 9.17 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.32 billion during the quarter, compared to analyst estimates 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, equities analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.03%. Simon Property Group’s payout ratio is currently 104.46%.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.