Fortem Financial Group LLC Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

Fortem Financial Group LLC decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 46.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,559 shares of the real estate investment trust’s stock after selling 9,896 shares during the quarter. Fortem Financial Group LLC’s holdings in Simon Property Group were worth $1,954,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Aptus Capital Advisors LLC increased its position in Simon Property Group by 3.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock worth $273,000 after purchasing an additional 61 shares in the last quarter. Inspire Advisors LLC grew its holdings in shares of Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock worth $696,000 after buying an additional 65 shares in the last quarter. Groupama Asset Managment grew its holdings in shares of Simon Property Group by 0.9% during the third quarter. Groupama Asset Managment now owns 7,721 shares of the real estate investment trust’s stock worth $1,305,000 after buying an additional 67 shares in the last quarter. Augustine Asset Management Inc. grew its holdings in shares of Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its holdings in shares of Simon Property Group by 1.1% during the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock worth $1,044,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the subject of several recent analyst reports. Scotiabank lifted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Mizuho lifted their price objective on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $165.44.

Insider Activity

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $179.19 on Wednesday. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The company has a market cap of $58.47 billion, a PE ratio of 23.86, a P/E/G ratio of 10.75 and a beta of 1.75. The company’s fifty day simple moving average is $175.92 and its 200-day simple moving average is $162.93. Simon Property Group, Inc. has a 52 week low of $132.24 and a 52 week high of $186.00.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $3.20 EPS. As a group, equities research analysts anticipate that Simon Property Group, Inc. will post 12.76 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. The ex-dividend date is Monday, December 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.69%. Simon Property Group’s dividend payout ratio is 109.19%.

Simon Property Group 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.