Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Herbst Group LLC

Herbst Group LLC cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 9.8% during the second quarter, HoldingsChannel.com reports. The fund owned 1,840 shares of the real estate investment trust’s stock after selling 200 shares during the period. Herbst Group LLC’s holdings in Simon Property Group were worth $212,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Freedom LLC acquired a new position in Simon Property Group during the fourth quarter worth about $27,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Simon Property Group in the 1st quarter valued at about $27,000. West Branch Capital LLC acquired a new position in Simon Property Group in the 1st quarter valued at about $34,000. CoreCap Advisors LLC acquired a new position in Simon Property Group in the 4th quarter valued at about $38,000. Finally, Compass Wealth Management LLC acquired a new position in Simon Property Group in the 4th quarter valued at about $41,000. 84.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. StockNews.com assumed coverage on shares of Simon Property Group in a report on Thursday, August 17th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. decreased their target price on shares of Simon Property Group from $125.00 to $124.00 and set a “neutral” rating on the stock in a report on Tuesday, August 29th. Truist Financial decreased their target price on shares of Simon Property Group from $130.00 to $125.00 and set a “hold” rating on the stock in a report on Tuesday, August 29th. Wolfe Research raised shares of Simon Property Group from a “peer perform” rating to an “outperform” rating and set a $127.00 price objective for the company in a research report on Wednesday, July 5th. Finally, Mizuho cut their target price on Simon Property Group from $116.00 to $106.00 in a research report on Friday, May 26th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.36.

Simon Property Group Stock Up 0.1 %

Shares of Simon Property Group stock traded up $0.06 on Tuesday, reaching $114.31. 109,701 shares of the company were exchanged, compared to its average volume of 1,498,898. Simon Property Group, Inc. has a 1-year low of $86.02 and a 1-year high of $133.08. The company has a market cap of $37.40 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 4.79 and a beta of 1.54. The company has a debt-to-equity ratio of 7.67, a current ratio of 1.02 and a quick ratio of 1.02. The stock’s 50 day moving average price is $118.18 and its 200-day moving average price is $112.86.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be paid a dividend of $1.90 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.85. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $7.60 annualized dividend and a yield of 6.65%. Simon Property Group’s payout ratio is presently 115.50%.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.