Insider Buying: Simon Property Group, Inc. (NYSE:SPG) Director Acquires 378 Shares of Stock

Simon Property Group, Inc. (NYSE:SPG - Get Free Report) Director Daniel C. Smith acquired 378 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $60,211.62. Following the completion of the transaction, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This trade represents a 1.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Simon Property Group Trading Up 0.4%

SPG traded up $0.63 during trading hours on Friday, reaching $166.47. 925,334 shares of the company's stock traded hands, compared to its average volume of 1,541,335. The firm has a market capitalization of $54.34 billion, a PE ratio of 26.51, a PEG ratio of 9.25 and a beta of 1.43. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29. The firm has a 50-day moving average price of $160.66 and a 200 day moving average price of $166.50.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. Simon Property Group's revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.56 earnings per share. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.54 EPS 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. Stockholders of record on Monday, June 9th were paid a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.05%. Simon Property Group's payout ratio is currently 133.76%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Barclays started coverage on shares of Simon Property Group in a research note on Wednesday. They issued an "equal weight" rating and a $170.00 price target on the stock. Stifel Nicolaus lifted their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Scotiabank upped their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Piper Sandler cut their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Finally, Wall Street Zen cut Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $178.50.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Simon Property Group during the fourth quarter valued at $2,059,505,000. Nuveen LLC purchased a new stake in Simon Property Group in the first quarter valued at approximately $724,937,000. Principal Financial Group Inc. grew its position in Simon Property Group by 133.0% in the 1st quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock valued at $532,529,000 after acquiring an additional 1,830,264 shares in the last quarter. Northern Trust Corp raised its stake in shares of Simon Property Group by 45.9% in the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. Finally, Resolution Capital Ltd acquired a new position in Simon Property Group during the 4th quarter worth approximately $212,592,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

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.