Glenmede Trust Co. NA Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Glenmede Trust Co. NA grew its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 477.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,451 shares of the real estate investment trust’s stock after purchasing an additional 83,049 shares during the quarter. Glenmede Trust Co. NA’s holdings in Simon Property Group were worth $16,978,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in Simon Property Group in the second quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in Simon Property Group in the 2nd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new position in Simon Property Group during the third quarter worth approximately $30,000. Pathway Financial Advisers LLC acquired a new stake in Simon Property Group in the first quarter valued at approximately $29,000. Finally, RFP Financial Group LLC increased its position in shares of Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This trade represents a 1.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of a number of recent analyst reports. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Scotiabank increased their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Mizuho upped their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Finally, Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Up 0.2 %

Shares of NYSE SPG opened at $183.75 on Friday. The company has a market capitalization of $59.95 billion, a P/E ratio of 24.47, a P/E/G ratio of 10.73 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The company has a 50 day simple moving average of $173.96 and a 200-day simple moving average of $161.04. Simon Property Group, Inc. has a 1 year low of $120.50 and a 1 year high of $186.00.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analyst estimates 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 revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $3.20 EPS. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.78 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced 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 represents a $8.40 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

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.