Janney Montgomery Scott LLC Sells 813 Shares of Simon Property Group, Inc. (NYSE:SPG)

Posted by Defense World Staff on Apr 21st, 2023

Janney Montgomery Scott LLC trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,630 shares of the real estate investment trust’s stock after selling 813 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Simon Property Group were worth $6,066,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Peak Asset Management LLC grew its position in Simon Property Group by 0.6% during the fourth quarter. Peak Asset Management LLC now owns 16,066 shares of the real estate investment trust’s stock valued at $1,887,000 after buying an additional 89 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Simon Property Group by 17.1% in the first quarter. Parkside Financial Bank & Trust now owns 638 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 93 shares during the period. Beacon Capital Management LLC boosted its position in shares of Simon Property Group by 43.4% in the fourth quarter. Beacon Capital Management LLC now owns 314 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 95 shares during the period. Riverview Trust Co boosted its position in shares of Simon Property Group by 46.0% in the third quarter. Riverview Trust Co now owns 308 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 97 shares during the period. Finally, Global Retirement Partners LLC boosted its position in shares of Simon Property Group by 27.9% in the third quarter. Global Retirement Partners LLC now owns 449 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 98 shares during the period. 83.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of research reports. Truist Financial upped their target price on shares of Simon Property Group from $125.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 21st. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Friday. Morgan Stanley upped their price target on shares of Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Simon Property Group from $115.00 to $130.00 in a research note on Tuesday, January 3rd. Finally, Mizuho decreased their price target on shares of Simon Property Group from $130.00 to $116.00 in a research note on Monday, March 13th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $131.42.

Insider Buying and Selling

In related news, Director Karen N. Horn purchased 551 shares of Simon Property Group stock in a transaction that occurred on Friday, March 31st. The shares were bought at an average price of $109.33 per share, with a total value of $60,240.83. Following the purchase, the director now directly owns 34,079 shares of the company’s stock, valued at approximately $3,725,857.07. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is currently owned by insiders.

Simon Property Group Trading Down 1.2 %

Shares of SPG opened at $110.77 on Friday. Simon Property Group, Inc. has a twelve month low of $86.02 and a twelve month high of $134.80. The company has a market cap of $36.21 billion, a P/E ratio of 16.99, a P/E/G ratio of 2.70 and a beta of 1.51. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 6.99. The company’s fifty day simple moving average is $114.36 and its 200-day simple moving average is $114.96.

Simon Property Group (NYSE:SPG – Get Rating) last announced its earnings results on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.08). Simon Property Group had a net margin of 40.43% and a return on equity of 60.33%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company posted $3.09 EPS. The company’s revenue was up 5.6% compared to the same quarter last year. As a group, analysts expect that Simon Property Group, Inc. will post 12.04 EPS for the current year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 10th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 6.50%. The ex-dividend date was Thursday, March 9th. Simon Property Group’s dividend payout ratio is presently 110.43%.

About Simon Property Group

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.