Pacer Advisors Inc. Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Pacer Advisors Inc. reduced its stake in Simon Property Group by 32.8%, now holding 21,826 shares valued at approximately $3.63 million as of the latest SEC filing.
• Analysts have varied opinions on the stock, with a new average price target of $182.73; seven analysts rate it as a "hold" and five as a "buy".
• Simon Property Group announced a quarterly dividend of $2.10 per share, resulting in an annualized dividend yield of 5.00%.

Pacer Advisors Inc. lowered its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 32.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,826 shares of the real estate investment trust's stock after selling 10,640 shares during the quarter. Pacer Advisors Inc.'s holdings in Simon Property Group were worth $3,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Park Square Financial Group LLC raised its stake in shares of Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after buying an additional 81 shares during the period. Richardson Financial Services Inc. raised its stake in shares of Simon Property Group by 185.0% in the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC raised its stake in shares of Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after buying an additional 156 shares during the period. Colonial Trust Co SC raised its stake in shares of Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its stake in shares of Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith acquired 378 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. The trade was a 1.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $83,149.38. Following the acquisition, the director owned 58,195 shares in the company, valued at $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 2,386 shares of company stock worth $380,066 over the last quarter. 8.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SPG has been the topic of several recent research reports. LADENBURG THALM/SH SH began coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Scotiabank increased their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. cut their target price on 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. Stifel Nicolaus increased their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler cut their target price on 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. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $182.73.

Simon Property Group Trading Down 1.5%

Shares of Simon Property Group stock traded down $2.50 on Friday, reaching $161.29. The company had a trading volume of 879,017 shares, compared to its average volume of 1,621,776. The firm has a market cap of $52.65 billion, a price-to-earnings ratio of 25.68, a P/E/G ratio of 11.17 and a beta of 1.43. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm's 50-day moving average price is $161.81 and its two-hundred day moving average price is $165.26. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion during 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 company's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.56 EPS. As a group, research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a dividend of $2.10 per share. The ex-dividend date was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.2%. Simon Property Group's payout ratio is presently 133.76%.

Simon Property Group Company 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.