Washington Trust Bank Lowers Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Washington Trust Bank cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,709 shares of the real estate investment trust’s stock after selling 64 shares during the period. Washington Trust Bank’s holdings in Simon Property Group were worth $458,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SPG. Clearstead Trust LLC purchased a new stake in Simon Property Group during the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the second quarter worth $25,000. EntryPoint Capital LLC purchased a new stake in shares of Simon Property Group during the first quarter worth $26,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group in the second quarter valued at $27,000. Finally, RFP Financial Group LLC boosted its holdings 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 purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SPG. 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. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Mizuho lifted their price objective 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. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Up 0.4 %

Shares of NYSE SPG traded up $0.62 during mid-day trading on Thursday, reaching $174.23. The company had a trading volume of 18,907 shares, compared to its average volume of 1,437,474. The firm has a 50 day simple moving average of $168.89 and a two-hundred day simple moving average of $157.07. Simon Property Group, Inc. has a 52-week low of $113.40 and a 52-week high of $178.71. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20. The stock has a market cap of $56.81 billion, a P/E ratio of 23.12, a PEG ratio of 9.79 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last posted its earnings results 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). The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.20 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 12.83 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. Stockholders of record on Monday, December 9th will be given a dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.82%. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.60% of the company’s stock.

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.