Bruni J V & Co. Co. Sells 50,628 Shares of Simon Property Group, Inc. (NYSE:SPG)

Bruni J V & Co. Co. trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 35.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 90,479 shares of the real estate investment trust’s stock after selling 50,628 shares during the quarter. Simon Property Group accounts for about 1.7% of Bruni J V & Co. Co.’s investment portfolio, making the stock its 25th largest holding. Bruni J V & Co. Co.’s holdings in Simon Property Group were worth $15,293,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. EntryPoint Capital LLC bought a new stake in Simon Property Group in the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Simon Property Group in the second quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Simon Property Group in the second quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in Simon Property Group in the third quarter worth $30,000. Finally, Pathway Financial Advisers LLC bought a new position in Simon Property Group during the first quarter valued at $29,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 0.3 %

SPG stock opened at $180.85 on Tuesday. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $182.84. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The firm’s fifty day moving average is $171.15 and its 200 day moving average is $159.25. The firm has a market cap of $59.01 billion, a PE ratio of 24.08, a P/E/G ratio of 10.52 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). 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 analyst estimates of $1.32 billion. During the same quarter last year, the business earned $3.20 earnings per share. Simon Property Group’s revenue was up 4.9% on a year-over-year basis. On average, research analysts forecast that Simon Property Group, Inc. will post 12.79 EPS 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 $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.64%. 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 dividend payout ratio is 109.19%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 8.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Truist Financial increased 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 upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Scotiabank increased their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $162.78.

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.