Simon Property Group, Inc. (NYSE:SPG) Position Lessened by Adelante Capital Management LLC

Adelante Capital Management LLC reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 48.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 297,724 shares of the real estate investment trust’s stock after selling 279,721 shares during the quarter. Simon Property Group makes up 2.3% of Adelante Capital Management LLC’s holdings, making the stock its 9th largest position. Adelante Capital Management LLC owned 0.09% of Simon Property Group worth $50,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the second quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Simon Property Group in the 2nd quarter worth $27,000. Capital Performance Advisors LLP purchased a new position in Simon Property Group during the 3rd quarter worth $30,000. RFP Financial Group LLC increased its position in Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Simon Property Group in the second quarter valued at about $30,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Performance

NYSE SPG opened at $183.60 on Friday. The firm has a market capitalization of $59.91 billion, a P/E ratio of 24.45, a PEG ratio of 10.72 and a beta of 1.74. The stock has a 50-day simple moving average of $174.30 and a two-hundred day simple moving average of $161.38. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a fifty-two week low of $122.50 and a fifty-two week high of $186.00.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $3.20 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.78 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 Monday, December 30th. Investors of record on Monday, December 9th will be paid a $2.10 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.58%. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is currently 109.19%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Piper Sandler reissued a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $162.78.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.50% of the stock is currently owned by 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.