Holocene Advisors LP Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Holocene Advisors LP purchased a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 11,255 shares of the real estate investment trust’s stock, valued at approximately $1,902,000.

Several other hedge funds have also modified their holdings of SPG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Simon Property Group by 617.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock worth $539,393,000 after buying an additional 2,746,503 shares in the last quarter. Smead Capital Management Inc. boosted its holdings in Simon Property Group by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock valued at $442,892,000 after acquiring an additional 88,378 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Simon Property Group by 1.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after purchasing an additional 25,519 shares during the period. Los Angeles Capital Management LLC raised its holdings in Simon Property Group by 373.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after purchasing an additional 993,694 shares during the last quarter. Finally, PGGM Investments raised its holdings in Simon Property Group by 1.9% during the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after purchasing an additional 23,186 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPG has been the subject of several analyst reports. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Mizuho upped their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, Scotiabank upped their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and a consensus target price of $165.44.

Insider Buying and Selling

In related news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by company insiders.

Simon Property Group Stock Performance

SPG stock opened at $183.81 on Friday. Simon Property Group, Inc. has a 1-year low of $129.08 and a 1-year high of $186.00. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market cap of $59.97 billion, a PE ratio of 24.48, a P/E/G ratio of 10.55 and a beta of 1.75. The business’s 50-day moving average price is $175.34 and its two-hundred day moving average price is $162.19.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm earned $3.20 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.78 earnings per share 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. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. This represents a $8.40 annualized dividend and a dividend yield of 4.57%. Simon Property Group’s dividend payout ratio is currently 109.19%.

Simon Property Group Company 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.