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Shell Asset Management Co. Sells 1,701 Shares of Simon Property Group, Inc. (NYSE:SPG)

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Shell Asset Management Co. lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 47.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,867 shares of the real estate investment trust’s stock after selling 1,701 shares during the period. Shell Asset Management Co.’s holdings in Simon Property Group were worth $243,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Gateway Advisory LLC grew its holdings in shares of Simon Property Group by 2.0% during the third quarter. Gateway Advisory LLC now owns 3,756 shares of the real estate investment trust’s stock worth $488,000 after purchasing an additional 72 shares during the last quarter. First National Bank Sioux Falls grew its holdings in shares of Simon Property Group by 3.2% during the third quarter. First National Bank Sioux Falls now owns 2,415 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 75 shares during the last quarter. Aaron Wealth Advisors LLC grew its holdings in shares of Simon Property Group by 1.1% during the third quarter. Aaron Wealth Advisors LLC now owns 7,027 shares of the real estate investment trust’s stock worth $913,000 after purchasing an additional 75 shares during the last quarter. Concentric Wealth Management LLC grew its holdings in shares of Simon Property Group by 0.4% during the second quarter. Concentric Wealth Management LLC now owns 20,343 shares of the real estate investment trust’s stock worth $2,654,000 after purchasing an additional 84 shares during the last quarter. Finally, Fortem Financial Group LLC grew its holdings in shares of Simon Property Group by 1.5% during the third quarter. Fortem Financial Group LLC now owns 5,752 shares of the real estate investment trust’s stock worth $748,000 after purchasing an additional 84 shares during the last quarter. Institutional investors own 85.88% of the company’s stock.

In other news, major shareholder Simon Property Group Inc /De/ bought 512,820 shares of the company’s stock in a transaction that occurred on Tuesday, October 12th. The shares were acquired at an average price of $18.00 per share, with a total value of $9,230,760.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 8.49% of the stock is currently owned by company insiders.

Several equities analysts recently issued reports on SPG shares. Citigroup raised their price target on Simon Property Group from $141.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, November 19th. Argus raised their price target on Simon Property Group from $142.00 to $180.00 and gave the company a “buy” rating in a report on Friday, November 26th. Evercore ISI raised their price target on Simon Property Group from $164.00 to $168.00 and gave the company an “outperform” rating in a report on Tuesday, November 2nd. Morgan Stanley raised their price target on Simon Property Group from $170.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 10th. Finally, Zacks Investment Research cut Simon Property Group from a “buy” rating to a “hold” rating and set a $141.00 price target on the stock. in a report on Monday, October 4th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $158.44.

NYSE SPG opened at $161.27 on Monday. The firm has a market cap of $53.00 billion, a P/E ratio of 26.14, a P/E/G ratio of 1.40 and a beta of 1.50. The company has a debt-to-equity ratio of 6.68, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s 50-day moving average is $159.40 and its 200-day moving average is $141.75. Simon Property Group, Inc. has a one year low of $82.85 and a one year high of $171.12.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Sunday, October 31st. The real estate investment trust reported $1.77 EPS for the quarter, missing the Zacks’ consensus estimate of $2.47 by ($0.70). The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.20 billion. Simon Property Group had a return on equity of 53.12% and a net margin of 41.00%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.05 EPS. Equities analysts anticipate that Simon Property Group, Inc. will post 11.72 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 31st. Investors of record on Friday, December 10th were given a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date of this dividend was Thursday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.50. Simon Property Group’s dividend payout ratio (DPR) is currently 106.97%.

About Simon Property Group

Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.

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