New Age Alpha Advisors LLC Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• New Age Alpha Advisors LLC reduced its position in Simon Property Group by 12.9%, owning 123,620 shares valued at approximately $20.53 million.
• Simon Property Group recently announced an increase in its quarterly dividend to $2.15 per share, up from $2.10, providing an annualized yield of 5.3%.
• In the most recent earnings report, Simon Property Group posted an EPS of $2.95, surpassing analysts' expectations, with revenues rising by 2.1% year-over-year.

New Age Alpha Advisors LLC lessened its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 12.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 123,620 shares of the real estate investment trust's stock after selling 18,302 shares during the period. Simon Property Group makes up 0.9% of New Age Alpha Advisors LLC's portfolio, making the stock its 6th biggest position. New Age Alpha Advisors LLC's holdings in Simon Property Group were worth $20,531,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Northern Trust Corp increased its stake in Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after buying an additional 1,718,398 shares during the period. Invesco Ltd. boosted its position in shares of Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock valued at $726,136,000 after purchasing an additional 542,511 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Simon Property Group by 2.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,653,424 shares of the real estate investment trust's stock valued at $629,158,000 after purchasing an additional 81,359 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Simon Property Group by 21.0% during the 4th quarter. Deutsche Bank AG now owns 3,590,867 shares of the real estate investment trust's stock valued at $618,383,000 after purchasing an additional 624,000 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Simon Property Group by 6.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,411,119 shares of the real estate investment trust's stock valued at $587,429,000 after purchasing an additional 219,823 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler reduced 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 research report on Friday, May 23rd. Scotiabank raised their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 17th. Stifel Nicolaus reduced their price objective on shares of Simon Property Group from $180.00 to $179.00 and set a "buy" rating for the company in a research report on Tuesday. Barclays assumed 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 price objective for the company. Finally, LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Simon Property Group has an average rating of "Hold" and a consensus price target of $182.64.

Simon Property Group Trading Down 0.8%

Shares of SPG traded down $1.29 during midday trading on Thursday, hitting $166.24. The stock had a trading volume of 1,399,453 shares, compared to its average volume of 1,451,191. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13. The business has a 50-day simple moving average of $162.40 and a two-hundred day simple moving average of $164.99. The firm has a market cap of $54.26 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 11.21 and a beta of 1.48. The company has a current ratio of 1.23, a quick ratio of 1.45 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $2.90 earnings per share. As a group, equities analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 5.2%. Simon Property Group's payout ratio is 129.83%.

Insider Activity

In other Simon Property Group news, Director Larry C. Glasscock acquired 396 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $63,078.84. Following the completion of the transaction, the director owned 43,185 shares in the company, valued at $6,878,938.65. The trade was a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel C. Smith acquired 378 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the transaction, the director owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. This represents a 1.20% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 2,386 shares of company stock valued at $380,066. 8.66% of the stock is currently owned by company insiders.

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.