Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Payden & Rygel

Payden & Rygel trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 7.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 146,450 shares of the real estate investment trust’s stock after selling 11,900 shares during the quarter. Payden & Rygel’s holdings in Simon Property Group were worth $16,912,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. AMI Investment Management Inc. raised its stake in Simon Property Group by 1.2% in the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after purchasing an additional 204 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Simon Property Group by 9.8% in the first quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after buying an additional 371 shares during the last quarter. Blair William & Co. IL raised its position in shares of Simon Property Group by 56.8% in the first quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after buying an additional 20,022 shares during the last quarter. Prudential PLC purchased a new position in shares of Simon Property Group in the first quarter worth about $642,000. Finally, Dakota Wealth Management acquired a new position in Simon Property Group during the first quarter worth about $390,000. 84.73% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Brian J. Mcdade purchased 359 shares of Simon Property Group stock in a transaction dated Friday, September 29th. The shares were acquired at an average cost of $109.19 per share, with a total value of $39,199.21. Following the purchase, the chief financial officer now owns 25,741 shares of the company’s stock, valued at $2,810,659.79. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Brian J. Mcdade acquired 359 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was purchased at an average price of $109.19 per share, with a total value of $39,199.21. Following the transaction, the chief financial officer now owns 25,741 shares of the company’s stock, valued at approximately $2,810,659.79. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Reuben S. Leibowitz bought 580 shares of the business’s stock in a transaction on Friday, September 29th. The stock was purchased at an average cost of $110.04 per share, for a total transaction of $63,823.20. Following the transaction, the director now owns 49,727 shares of the company’s stock, valued at $5,471,959.08. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by insiders.

Simon Property Group Trading Up 1.0 %

Shares of Simon Property Group stock traded up $1.26 during trading hours on Friday, hitting $121.68. The company’s stock had a trading volume of 1,121,288 shares, compared to its average volume of 1,567,478. The stock has a market cap of $39.70 billion, a price-to-earnings ratio of 18.03, a P/E/G ratio of 6.91 and a beta of 1.58. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.94 and a current ratio of 0.94. Simon Property Group, Inc. has a twelve month low of $100.17 and a twelve month high of $133.08. The firm has a fifty day moving average of $111.01 and a 200-day moving average of $112.70.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be given a $1.90 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $7.60 dividend on an annualized basis and a yield of 6.25%. Simon Property Group’s payout ratio is currently 112.59%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Truist Financial lowered their target price on Simon Property Group from $130.00 to $125.00 and set a “hold” rating on the stock in a report on Tuesday, August 29th. Stifel Nicolaus lowered their price objective on Simon Property Group from $139.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, October 31st. JPMorgan Chase & Co. cut their target price on Simon Property Group from $125.00 to $124.00 and set a “neutral” rating for the company in a research note on Tuesday, August 29th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.90.

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.