Independent Advisor Alliance Has $11.29 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Independent Advisor Alliance cut its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,793 shares of the real estate investment trust’s stock after selling 1,802 shares during the period. Independent Advisor Alliance’s holdings in Simon Property Group were worth $11,289,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SPG. EntryPoint Capital LLC bought a new stake in Simon Property Group in the 1st quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new position in Simon Property Group during the second quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Simon Property Group during the 3rd quarter worth about $30,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Simon Property Group during the 1st quarter valued at $29,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Down 0.4 %

Shares of NYSE SPG opened at $181.14 on Monday. The stock has a market capitalization of $59.10 billion, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 10.57 and a beta of 1.74. The business has a fifty day moving average price of $172.55 and a 200 day moving average price of $160.25. Simon Property Group, Inc. has a 1-year low of $119.92 and a 1-year high of $183.96. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick 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 (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. Simon Property Group’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $3.20 earnings per share. Equities research analysts expect 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 issued a dividend of $2.10 per share. The ex-dividend date is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.64%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is presently 109.19%.

Insider Buying and Selling

In related news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SPG has been the topic of a number of recent research reports. Truist Financial increased their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Mizuho raised their price target 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group 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.