W.G. Shaheen & Associates DBA Whitney & Co Sells 774 Shares of Simon Property Group, Inc. (NYSE:SPG)

W.G. Shaheen & Associates DBA Whitney & Co reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 3.8% during the second quarter, Holdings Channel.com reports. The firm owned 19,527 shares of the real estate investment trust’s stock after selling 774 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Simon Property Group were worth $2,964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPG. Legacy Advisors LLC grew its holdings in shares of Simon Property Group by 7.4% in the second quarter. Legacy Advisors LLC now owns 1,405 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 97 shares during the last quarter. Rothschild Investment LLC bought a new stake in Simon Property Group in the 2nd quarter worth $535,000. Jaffetilchin Investment Partners LLC increased its position in shares of Simon Property Group by 0.7% in the second quarter. Jaffetilchin Investment Partners LLC now owns 12,851 shares of the real estate investment trust’s stock valued at $1,951,000 after acquiring an additional 83 shares during the period. Pine Valley Investments Ltd Liability Co increased its position in shares of Simon Property Group by 20.1% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 10,175 shares of the real estate investment trust’s stock valued at $1,545,000 after acquiring an additional 1,700 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Simon Property Group by 5.2% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 96,688 shares of the real estate investment trust’s stock valued at $14,677,000 after acquiring an additional 4,790 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SPG. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Scotiabank boosted their target price on 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. Truist Financial raised 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. Mizuho boosted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Finally, Evercore ISI raised their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group currently has an average rating of “Moderate Buy” and an average target price of $160.94.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction on Friday, June 28th. The shares were acquired at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Stock Performance

Shares of SPG stock opened at $167.35 on Friday. The company’s fifty day moving average price is $154.32 and its 200-day moving average price is $150.50. The stock has a market cap of $54.56 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.75. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $169.18.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.88 EPS. On average, equities analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.