DAVENPORT & Co LLC Grows Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

DAVENPORT & Co LLC grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 296.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,639 shares of the real estate investment trust's stock after acquiring an additional 7,209 shares during the period. DAVENPORT & Co LLC's holdings in Simon Property Group were worth $1,601,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SPG. Farther Finance Advisors LLC grew its holdings in shares of Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after purchasing an additional 789 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Simon Property Group by 193.5% in the first quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock worth $128,000 after buying an additional 509 shares during the last quarter. Brighton Jones LLC purchased a new position in Simon Property Group in the fourth quarter worth about $295,000. PNC Financial Services Group Inc. raised its holdings in Simon Property Group by 7.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust's stock worth $62,322,000 after buying an additional 25,987 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Simon Property Group by 8.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock valued at $9,415,000 after purchasing an additional 4,589 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPG. Wall Street Zen cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Barclays began coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Piper Sandler dropped their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Finally, Mizuho dropped their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research report on Tuesday, June 10th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of "Hold" and an average target price of $178.50.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $83,149.38. Following the completion of the acquisition, the director owned 58,195 shares in the company, valued at $9,269,881.55. The trade was a 0.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary M. Rodkin purchased 246 shares of the company's stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $39,185.34. Following the transaction, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 2,386 shares of company stock valued at $380,066 over the last three months. 8.60% of the stock is currently owned by insiders.

Simon Property Group Trading Down 0.4%

SPG traded down $0.61 on Tuesday, hitting $164.43. The company had a trading volume of 481,303 shares, compared to its average volume of 1,662,668. The firm has a market cap of $53.67 billion, a P/E ratio of 26.18, a PEG ratio of 9.30 and a beta of 1.43. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The company's fifty day moving average price is $160.98 and its 200 day moving average price is $166.31. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm earned $3.56 earnings per share. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $2.10 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.11%. Simon Property Group's dividend payout ratio is currently 133.76%.

About Simon Property Group

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.