Truvestments Capital LLC Raises Position in Simon Property Group, Inc. (NYSE:SPG)

Truvestments Capital LLC increased its stake in Simon Property Group, Inc. (NYSE:SPG) by 1.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,958 shares of the real estate investment trust’s stock after acquiring an additional 221 shares during the period. Simon Property Group comprises approximately 1.0% of Truvestments Capital LLC’s portfolio, making the stock its 14th largest position. Truvestments Capital LLC’s holdings in Simon Property Group were worth $3,880,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of SPG. Aptus Capital Advisors LLC lifted its stake in shares of Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock worth $273,000 after acquiring an additional 61 shares during the last quarter. Inspire Advisors LLC increased its holdings in Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after buying an additional 65 shares during the period. Diligent Investors LLC raised its stake in Simon Property Group by 0.5% in the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after buying an additional 68 shares in the last quarter. Augustine Asset Management Inc. raised its position in shares of Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 68 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock worth $1,044,000 after purchasing an additional 68 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is currently owned by company insiders.

Simon Property Group Stock Up 0.6 %

NYSE SPG opened at $182.20 on Monday. The company has a market cap of $59.45 billion, a P/E ratio of 24.12, a P/E/G ratio of 10.57 and a beta of 1.74. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $183.96. The business has a fifty day moving average price of $172.55 and a 200 day moving average price of $160.25. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last released its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $3.20 earnings per share. Research analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company 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 dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.61%. Simon Property Group’s payout ratio is 109.19%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Scotiabank raised their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. 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. Finally, Mizuho boosted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.