Longfellow Investment Management Co. LLC Takes Position in Simon Property Group, Inc. (NYSE:SPG)

Longfellow Investment Management Co. LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,648 shares of the real estate investment trust’s stock, valued at approximately $440,000.

Several other large investors have also modified their holdings of SPG. Colonial Trust Co SC boosted its stake in shares of Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 57 shares during the last quarter. Sumitomo Life Insurance Co. boosted its stake in shares of Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust’s stock valued at $743,000 after acquiring an additional 70 shares during the last quarter. Aspiriant LLC boosted its stake in shares of Simon Property Group by 1.3% during the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust’s stock valued at $972,000 after acquiring an additional 74 shares during the last quarter. DoubleLine ETF Adviser LP boosted its stake in shares of Simon Property Group by 0.3% during the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust’s stock valued at $3,783,000 after acquiring an additional 75 shares during the last quarter. Finally, HighPoint Advisor Group LLC boosted its stake in shares of Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust’s stock valued at $544,000 after acquiring an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling at Simon Property Group

In other news, Director Larry C. Glasscock purchased 396 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $63,078.84. Following the acquisition, the director owned 43,185 shares of the company’s stock, valued at $6,878,938.65. The trade was a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Glyn Aeppel purchased 234 shares of the stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $37,273.86. Following the completion of the acquisition, the director directly owned 19,057 shares in the company, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 2,386 shares of company stock valued at $380,066. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $165.08 on Monday. The stock’s 50-day moving average is $162.44 and its 200-day moving average is $164.79. The company has a market cap of $53.89 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 11.03 and a beta of 1.48. 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, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The company’s revenue was up 13.9% on a year-over-year basis. During the same period last year, the business posted $2.90 EPS. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.2%. Simon Property Group’s dividend payout ratio is 129.83%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Piper Sandler decreased their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Barclays assumed coverage on Simon Property Group in a research note on Wednesday, July 2nd. They set an “equal weight” rating and a $170.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Stifel Nicolaus set a $179.00 price target on Simon Property Group and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Finally, Scotiabank raised their price target on Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research note on Tuesday, June 17th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $182.64.

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.