Citigroup Inc. Sells 98,529 Shares of Simon Property Group, Inc. (NYSE:SPG)

Citigroup Inc. lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 28.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 246,685 shares of the real estate investment trust’s stock after selling 98,529 shares during the period. Citigroup Inc. owned 0.08% of Simon Property Group worth $41,695,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPG. Wealth Enhancement Advisory Services LLC lifted its position in Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after buying an additional 3,626 shares during the period. Red Cedar Investment Management LLC lifted its position in Simon Property Group by 153.2% during the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after buying an additional 10,644 shares during the period. TTP Investments Inc. lifted its position in Simon Property Group by 42.0% during the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after buying an additional 10,147 shares during the period. Forte Capital LLC ADV purchased a new position in Simon Property Group during the third quarter valued at $630,000. Finally, Radnor Capital Management LLC purchased a new position in Simon Property Group during the third quarter valued at $1,602,000. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on SPG. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Price Performance

NYSE SPG opened at $181.14 on Monday. Simon Property Group, Inc. has a one year low of $119.92 and a one year high of $183.96. The stock has a 50-day moving average of $172.55 and a 200 day moving average of $160.25. The company has a market capitalization of $59.10 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 10.61 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the business posted $3.20 earnings per share. Simon Property Group’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.79 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s payout ratio is currently 109.19%.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at $5,738,557.30. This trade represents a 1.09 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.50% of the company’s stock.

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.