Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Krane Funds Advisors LLC

Krane Funds Advisors LLC lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 91.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 272 shares of the real estate investment trust’s stock after selling 2,848 shares during the period. Krane Funds Advisors LLC’s holdings in Simon Property Group were worth $46,000 at the end of the most recent reporting period.

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

Simon Property Group Stock Performance

NYSE SPG opened at $174.35 on Friday. The business’s 50-day moving average price is $165.57 and its 200 day moving average price is $154.43. 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, Inc. has a twelve month low of $104.05 and a twelve month high of $176.70. The company has a market capitalization of $56.85 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 9.41 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company earned $2.88 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, research analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.70%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is presently 104.19%.

Insider Activity

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.60% of the company’s stock.

Analysts Set New Price Targets

SPG has been the topic of a number of research reports. Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised shares of 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 note on Monday, September 16th. Piper Sandler restated a “neutral” rating and set 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 increased 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. Finally, Stifel Nicolaus restated a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Seven 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 has an average rating of “Hold” and a consensus price target of $162.78.

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.