MetLife Investment Management LLC Sells 7,621 Shares of Simon Property Group, Inc. (NYSE:SPG)

MetLife Investment Management LLC cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,061 shares of the real estate investment trust’s stock after selling 7,621 shares during the period. MetLife Investment Management LLC’s holdings in Simon Property Group were worth $15,729,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Aptus Capital Advisors LLC lifted its holdings in Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock worth $273,000 after purchasing an additional 61 shares during the last quarter. Inspire Advisors LLC lifted its holdings in shares of Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock worth $696,000 after buying an additional 65 shares in the last quarter. Diligent Investors LLC lifted its holdings in shares of Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after buying an additional 68 shares in the last quarter. Augustine Asset Management Inc. boosted its position in shares of Simon Property Group by 3.8% in the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares during the period. Finally, Bleakley Financial Group LLC grew its stake in shares of Simon Property Group by 1.1% in the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after acquiring an additional 68 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction on Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 8.60% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG stock opened at $183.75 on Thursday. The business has a fifty day simple moving average of $173.63 and a 200 day simple moving average of $160.88. The company has a market cap of $59.95 billion, a P/E ratio of 24.47, a P/E/G ratio of 10.51 and a beta of 1.74. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a twelve month low of $120.50 and a twelve month high of $186.00.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $3.20 EPS. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.57%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is currently 109.19%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPG. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, 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 report on Wednesday, August 28th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price 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.