Staley Capital Advisers Inc. Sells 4,895 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Staley Capital Advisers Inc. reduced its holding in Simon Property Group, Inc. by 9.3%, selling 4,895 shares during the first quarter, leaving them with 47,890 shares valued at approximately $7.95 million.
• Simon Property Group recently declared a quarterly dividend increase from $2.10 to $2.15 per share, with an upcoming payment date of September 30th, representing a dividend yield of 5.2%.
• Recent analyst reports show mixed ratings for Simon Property Group, with seven analysts rating it as a hold and five as a buy, while the consensus target price is $182.64.

Staley Capital Advisers Inc. trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 9.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,890 shares of the real estate investment trust's stock after selling 4,895 shares during the period. Staley Capital Advisers Inc.'s holdings in Simon Property Group were worth $7,954,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPG. Brighton Jones LLC bought a new position in Simon Property Group during the 4th quarter valued at $295,000. Rockefeller Capital Management L.P. increased its position in shares of Simon Property Group by 2.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 94,711 shares of the real estate investment trust's stock valued at $16,306,000 after purchasing an additional 2,504 shares during the last quarter. Townsquare Capital LLC increased its position in shares of Simon Property Group by 2.1% during the 4th quarter. Townsquare Capital LLC now owns 27,685 shares of the real estate investment trust's stock valued at $4,768,000 after purchasing an additional 560 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new stake in shares of Simon Property Group during the 4th quarter valued at $431,000. Finally, Bragg Financial Advisors Inc purchased a new stake in shares of Simon Property Group during the 4th quarter valued at $246,000. 93.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SPG shares. Piper Sandler decreased 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. Barclays started coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. Mizuho decreased their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. LADENBURG THALM/SH SH started coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of "Hold" and a consensus target price of $182.64.

Insider Activity

In other news, Director Gary M. Rodkin bought 246 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 $39,185.34. Following the transaction, the director directly 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stefan M. Selig bought 219 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $34,884.51. Following the transaction, the director directly owned 31,881 shares in the company, valued at $5,078,324.49. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,386 shares of company stock worth $380,066. Company insiders own 8.60% of the company's stock.

Simon Property Group Stock Performance

Shares of SPG opened at $165.08 on Monday. The company has a market cap of $53.89 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 11.03 and a beta of 1.48. 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 stock has a 50-day moving average price of $162.44 and a 200-day moving average price of $164.79. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the company posted $2.90 EPS. As a group, equities analysts forecast 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 declared 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. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.2%. Simon Property Group's dividend payout ratio is 129.83%.

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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