Sienna Gestion Sells 4,102 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sienna Gestion lowered its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 41.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 5,877 shares of the real estate investment trust’s stock after selling 4,102 shares during the quarter. Sienna Gestion’s holdings in Simon Property Group were worth $949,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Simon Property Group by 31.1% during the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust’s stock valued at $553,000 after acquiring an additional 789 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of Simon Property Group by 193.5% during the first quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust’s stock valued at $128,000 after acquiring an additional 509 shares in the last quarter. Brighton Jones LLC bought a new stake in shares of Simon Property Group during the fourth quarter valued at approximately $295,000. J.W. Cole Advisors Inc. bought a new stake in shares of Simon Property Group during the first quarter valued at approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Simon Property Group by 8.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust’s stock valued at $9,415,000 after acquiring an additional 4,589 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 0.2%

Shares of Simon Property Group stock opened at $172.31 on Friday. The company’s fifty day simple moving average is $163.08 and its 200-day simple moving average is $164.78. The stock has a market capitalization of $56.25 billion, a PE ratio of 26.63, a P/E/G ratio of 11.55 and a beta of 1.48. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company’s revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.90 EPS. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.0%. Simon Property Group’s dividend payout ratio is presently 129.83%.

Insider Activity at Simon Property Group

In other news, Director Larry C. Glasscock bought 396 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the purchase, the director owned 43,185 shares in the company, valued at $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Glyn Aeppel bought 234 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the purchase, the director owned 19,057 shares in the company, valued at $3,035,589.53. This represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 2,386 shares of company stock worth $380,066 in the last 90 days. Company insiders own 8.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Barclays assumed coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 price target for the company. Stifel Nicolaus set a $179.00 target price on shares of Simon Property Group and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Scotiabank lifted their target price on shares of 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. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a research report on Friday, July 18th. They issued a “buy” rating and a $225.00 target price for the company. Finally, Piper Sandler cut their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $182.64.

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.