Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 10.6% in the third quarter, Holdings Channel reports. The firm owned 34,492 shares of the real estate investment trust’s stock after selling 4,106 shares during the period. Oppenheimer & Co. Inc.’s holdings in Simon Property Group were worth $5,830,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Simon Property Group by 11.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after purchasing an additional 3,626 shares in the last quarter. Red Cedar Investment Management LLC grew its stake in shares of Simon Property Group by 153.2% during the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after acquiring an additional 10,644 shares in the last quarter. M&G Plc purchased a new stake in shares of Simon Property Group during the first quarter worth about $4,654,000. TTP Investments Inc. lifted its stake in shares of Simon Property Group by 42.0% in the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after acquiring an additional 10,147 shares in the last quarter. Finally, Forte Capital LLC ADV purchased a new position in Simon Property Group in the third quarter valued at about $630,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SPG. Stifel Nicolaus reiterated a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Scotiabank increased their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $162.78.

Insider Buying and Selling

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $178.31 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm’s 50-day moving average price is $170.18 and its two-hundred day moving average price is $158.33. The stock has a market capitalization of $58.14 billion, a P/E ratio of 23.74, a P/E/G ratio of 10.45 and a beta of 1.74. Simon Property Group, Inc. has a 52-week low of $119.71 and a 52-week high of $182.84.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS 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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the business posted $3.20 EPS. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.79 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 Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.71%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date is Monday, December 9th. Simon Property Group’s payout ratio is 109.19%.

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.