Simon Property Group, Inc. (NYSE:SPG) Director Gary M. Rodkin Acquires 246 Shares

Simon Property Group, Inc. (NYSE:SPG) Director Gary M. Rodkin acquired 246 shares of the business’s stock in a transaction dated Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the acquisition, the director directly owned 19,010 shares of the company’s stock, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link.

Simon Property Group Trading Up 2.2%

Shares of Simon Property Group stock opened at $164.29 on Wednesday. The firm has a 50-day simple moving average of $160.21 and a two-hundred day simple moving average of $166.62. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14. The company has a market cap of $53.63 billion, a P/E ratio of 26.16, a price-to-earnings-growth ratio of 8.96 and a beta of 1.44.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the firm posted $3.56 EPS. Simon Property Group’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were paid a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.11%. Simon Property Group’s dividend payout ratio is currently 133.76%.

Hedge Funds Weigh In On Simon Property Group

Large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Simon Property Group during the 4th quarter worth about $2,059,505,000. Nuveen LLC purchased a new position in shares of Simon Property Group in the first quarter valued at approximately $724,937,000. Principal Financial Group Inc. boosted its stake in shares of Simon Property Group by 133.0% in the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust’s stock worth $532,529,000 after acquiring an additional 1,830,264 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Simon Property Group by 45.9% in the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after acquiring an additional 1,718,398 shares during the last quarter. Finally, Resolution Capital Ltd purchased a new stake in shares of Simon Property Group during the fourth quarter worth approximately $212,592,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SPG. Piper Sandler cut their price target on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, May 23rd. Mizuho cut their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 10th. Stifel Nicolaus boosted their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Scotiabank increased their price target on Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research report on Tuesday, June 17th. Finally, Wall Street Zen lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $179.44.

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.