Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,236,112 shares of the real estate investment trust's stock after selling 32,199 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Simon Property Group worth $371,374,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SPG. Hopwood Financial Services Inc. bought a new stake in shares of Simon Property Group in the fourth quarter worth $28,000. Caisse Des Depots ET Consignations bought a new stake in shares of Simon Property Group in the 4th quarter worth about $31,000. Continuum Advisory LLC raised its stake in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 156 shares in the last quarter. TCTC Holdings LLC acquired a new stake in Simon Property Group during the fourth quarter valued at approximately $34,000. Finally, Colonial Trust Co SC raised its position in shares of 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 valued at $36,000 after acquiring an additional 57 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SPG shares. JPMorgan Chase & Co. cut their target price on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Barclays assumed coverage on Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target on the stock. Scotiabank boosted their price objective on 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. Piper Sandler lowered their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Finally, Stifel Nicolaus raised their target price on Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of "Hold" and a consensus price target of $178.50.

Simon Property Group Trading Up 0.4%

NYSE:SPG opened at $166.47 on Monday. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The stock has a market cap of $54.34 billion, a price-to-earnings ratio of 26.51, a PEG ratio of 9.30 and a beta of 1.43. The business has a fifty day moving average of $160.86 and a 200-day moving average of $166.36. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45.

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

Simon Property Group Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 5.05%. Simon Property Group's payout ratio is 133.76%.

Insider Transactions at Simon Property Group

In other news, Director Larry C. Glasscock bought 396 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary M. Rodkin purchased 246 shares of the company's stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director owned 19,010 shares of the company's stock, valued at $3,028,102.90. This represents a 1.31% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 2,386 shares of company stock valued at $380,066 over the last three months. 8.60% of the stock is owned by company insiders.

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.

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