Element Wealth LLC Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Element Wealth LLC decreased its position in Simon Property Group, Inc. (NYSE:SPG) by 2.0% during the third quarter, HoldingsChannel.com reports. The firm owned 3,451 shares of the real estate investment trust’s stock after selling 72 shares during the quarter. Element Wealth LLC’s holdings in Simon Property Group were worth $583,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SPG. Clearstead Trust LLC bought a new position in shares of Simon Property Group in the first quarter worth approximately $25,000. EntryPoint Capital LLC bought a new position in Simon Property Group in the 1st quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group during the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Simon Property Group in the 2nd quarter worth $27,000. Finally, Pathway Financial Advisers LLC bought a new stake in shares of Simon Property Group in the 1st quarter worth $29,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPG. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank boosted 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. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Truist Financial lifted 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 report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and an average target price of $162.78.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were bought at an average price of $167.30 per share, for a total transaction 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Down 0.3 %

SPG opened at $173.38 on Friday. The firm’s 50 day simple moving average is $167.07 and its two-hundred day simple moving average is $155.15. The company has a market capitalization of $56.51 billion, a PE ratio of 22.09, a PEG ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 1-year low of $104.05 and a 1-year high of $177.08. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate 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 for the quarter was up 4.8% compared to the same quarter last year. As a group, equities analysts forecast 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 was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend was Monday, September 9th. Simon Property Group’s payout ratio is presently 104.46%.

Simon Property Group 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.