Sienna Gestion Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Sienna Gestion reduced its stake in Simon Property Group by 41.1%, selling 4,102 shares and maintaining a total of 5,877 shares valued at approximately $949,000.
• Recent transactions have shown increased buying activity among insiders, with Director Gary M. Rodkin purchasing 246 shares and Director Stefan M. Selig buying 219 shares at $159.29 each.
• Simon Property Group has announced a quarterly dividend increase from $2.10 to $2.15 per share, resulting in an annualized yield of 5.0% and a dividend payout ratio of 129.83%.

Sienna Gestion lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 41.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,877 shares of the real estate investment trust's stock after selling 4,102 shares during the quarter. Sienna Gestion's holdings in Simon Property Group were worth $949,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Colonial Trust Co SC boosted its stake in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 57 shares during the last quarter. Sumitomo Life Insurance Co. increased its holdings in Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock worth $743,000 after buying an additional 70 shares during the last quarter. Aspiriant LLC increased its holdings in Simon Property Group by 1.3% during the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock worth $972,000 after buying an additional 74 shares during the last quarter. DoubleLine ETF Adviser LP boosted its position in Simon Property Group by 0.3% during the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust's stock worth $3,783,000 after purchasing an additional 75 shares during the period. Finally, HighPoint Advisor Group LLC boosted its position in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock worth $544,000 after purchasing an additional 75 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SPG shares. Piper Sandler cut 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. Barclays began coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the company a "buy" rating in a research note on Tuesday, August 5th. Mizuho lowered their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $182.64.

Simon Property Group Stock Up 0.6%

Shares of SPG traded up $0.99 during trading hours on Friday, reaching $173.18. The stock had a trading volume of 1,581,618 shares, compared to its average volume of 1,525,658. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The firm has a 50-day simple moving average of $163.30 and a 200 day simple moving average of $164.62. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market capitalization of $56.54 billion, a price-to-earnings ratio of 26.77, a P/E/G ratio of 11.59 and a beta of 1.48.

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 represents a $8.60 annualized dividend and a dividend yield of 5.0%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is 129.83%.

Insider Activity

In other news, Director Glyn Aeppel acquired 234 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $37,273.86. Following the acquisition, the director owned 19,057 shares in the company, valued at $3,035,589.53. The trade was a 1.24% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gary M. Rodkin acquired 246 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $39,185.34. Following the acquisition, the director owned 19,010 shares in the company, valued at $3,028,102.90. The trade was a 1.31% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 2,428 shares of company stock worth $387,271. 8.60% of the stock is owned by insiders.

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.