Staley Capital Advisers Inc. Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Staley Capital Advisers Inc. reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,890 shares of the real estate investment trust’s stock after selling 4,895 shares during the period. Staley Capital Advisers Inc.’s holdings in Simon Property Group were worth $7,954,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SPG. Colonial Trust Co SC increased its position in 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. increased its position in 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 increased its position in 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 increased its position in 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 increased its position in Simon Property Group by 2.2% in the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust’s stock worth $544,000 after buying an additional 75 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of analyst reports. Piper Sandler reduced their price target on 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. Stifel Nicolaus set a $179.00 price target on Simon Property Group and gave the stock a “buy” rating in a research report on Tuesday, August 5th. JPMorgan Chase & Co. reduced their price target on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Mizuho reduced their price target on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research report on Tuesday, June 10th. Finally, LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research report on Friday, July 18th. They issued a “buy” rating and a $225.00 price target for the company. Seven 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 currently has an average rating of “Hold” and an average target price of $182.64.

Simon Property Group Stock Performance

NYSE:SPG opened at $165.08 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The stock has a 50-day moving average price of $162.44 and a 200 day moving average price of $164.79. The stock has a market capitalization of $53.89 billion, a P/E ratio of 25.51, a P/E/G ratio of 11.03 and a beta of 1.48.

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

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 5.2%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.10. Simon Property Group’s dividend payout ratio (DPR) is 129.83%.

Insider Buying and Selling at Simon Property Group

In other news, Director Daniel C. Smith purchased 378 shares of the business’s stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director directly owned 31,998 shares of the company’s stock, valued at $5,096,961.42. This represents a 1.20% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary M. Rodkin purchased 246 shares of the business’s stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $39,185.34. Following the acquisition, the director directly owned 19,010 shares in the company, valued at $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 2,386 shares of company stock worth $380,066 over the last three months. 8.60% of the stock is owned by company insiders.

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.