Simon Property Group, Inc. (NYSE:SPG) Position Trimmed by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG) by 7.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 164,924 shares of the real estate investment trust’s stock after selling 13,246 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Simon Property Group were worth $27,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group in the 2nd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Simon Property Group in the second quarter worth $27,000. RFP Financial Group LLC raised its holdings in shares of Simon Property Group by 727.3% during 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Simon Property Group during the second quarter valued at $30,000. Finally, Capital Performance Advisors LLP purchased a new position in Simon Property Group in the third quarter valued at about $30,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. 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 research report on Monday, August 26th. Mizuho boosted 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 report on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Truist Financial lifted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $162.78.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard purchased 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, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.60% of the stock is currently owned by insiders.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $181.39 on Tuesday. The stock has a market capitalization of $59.18 billion, a P/E ratio of 24.15, a P/E/G ratio of 10.72 and a beta of 1.75. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 1-year low of $127.60 and a 1-year high of $186.00. The business has a 50-day moving average price of $174.30 and a two-hundred day moving average price of $161.46.

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 analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the firm earned $3.20 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities analysts predict that Simon Property Group, Inc. will post 12.78 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 4.63%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is presently 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.