DAVENPORT & Co LLC Has $1.60 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

DAVENPORT & Co LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 296.7% in the 1st quarter, according to its most recent disclosure with the Securities and 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 quarter. DAVENPORT & Co LLC's holdings in Simon Property Group were worth $1,601,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC lifted its position in Simon Property Group by 31.1% in the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock worth $553,000 after purchasing an additional 789 shares during the period. Golden State Wealth Management LLC boosted its stake in shares of Simon Property Group by 193.5% in the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock valued at $128,000 after purchasing an additional 509 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Simon Property Group in the 4th quarter valued at $295,000. PNC Financial Services Group Inc. boosted its stake in shares of Simon Property Group by 7.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust's stock valued at $62,322,000 after purchasing an additional 25,987 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Simon Property Group by 8.7% in the 1st 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 in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Up 0.4%

Shares of NYSE:SPG traded up $0.63 during trading on Friday, hitting $166.47. 925,334 shares of the company's stock traded hands, compared to its average volume of 1,543,658. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. The company has a market cap of $54.34 billion, a price-to-earnings ratio of 26.51, a price-to-earnings-growth ratio of 9.30 and a beta of 1.43. The company has a 50-day moving average price of $160.86 and a 200-day moving average price of $166.38.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating the consensus estimate of $2.91 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.56 EPS. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date was Monday, June 9th. Simon Property Group's dividend payout ratio is currently 133.76%.

Insider Activity at Simon Property Group

In related news, Director Stefan M. Selig acquired 219 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $34,884.51. Following the purchase, the director directly owned 31,881 shares in the company, valued at approximately $5,078,324.49. This trade represents a 0.69% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary M. Rodkin acquired 246 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the purchase, the director owned 19,010 shares in the company, 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. Over the last quarter, insiders have purchased 2,386 shares of company stock worth $380,066. Insiders own 8.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SPG shares. Mizuho reduced their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Piper Sandler dropped their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Stifel Nicolaus raised their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, Wall Street Zen lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $178.50.

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.