Short Interest in Simon Property Group, Inc. (NYSE:SPG) Declines By 17.1%

Simon Property Group, Inc. (NYSE:SPGGet Free Report) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 3,970,000 shares, a drop of 17.1% from the October 15th total of 4,790,000 shares. Based on an average trading volume of 1,510,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 1.2% of the shares of the stock are short sold.

Insider Activity

In related news, Director Reuben S. Leibowitz acquired 580 shares of Simon Property Group stock in a transaction that occurred on Friday, September 29th. The shares were purchased at an average price of $110.04 per share, for a total transaction of $63,823.20. Following the completion of the transaction, the director now owns 49,727 shares in the company, valued at approximately $5,471,959.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Reuben S. Leibowitz acquired 580 shares of Simon Property Group stock in a transaction that occurred on Friday, September 29th. The shares were purchased at an average price of $110.04 per share, for a total transaction of $63,823.20. Following the completion of the transaction, the director now owns 49,727 shares in the company, valued at approximately $5,471,959.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian J. Mcdade bought 359 shares of the business’s stock in a transaction on 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 disclosure for this purchase can be found here. Company insiders own 8.50% of the company’s stock.

Institutional Trading of Simon Property Group

A number of hedge funds have recently added to or reduced their stakes in SPG. AMI Investment Management Inc. raised its stake in shares of Simon Property Group by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock worth $2,312,000 after buying an additional 204 shares in the last quarter. Raymond James Trust N.A. raised its stake in shares of Simon Property Group by 9.8% during the 1st quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock worth $544,000 after buying an additional 371 shares in the last quarter. Blair William & Co. IL raised its stake in shares of Simon Property Group by 56.8% during the 1st quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock worth $7,271,000 after buying an additional 20,022 shares in the last quarter. Prudential PLC purchased a new position in shares of Simon Property Group during the 1st quarter worth approximately $642,000. Finally, Dakota Wealth Management purchased a new position in shares of Simon Property Group during the 1st quarter worth approximately $390,000. 84.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Read Our Latest Analysis on SPG

Simon Property Group Stock Up 1.4 %

Shares of NYSE SPG opened at $115.33 on Friday. The stock has a market cap of $37.74 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 5.46 and a beta of 1.58. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 7.40. Simon Property Group has a 52-week low of $100.17 and a 52-week high of $133.08. The business has a 50-day moving average price of $110.52 and a 200 day moving average price of $112.41.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be given a dividend of $1.90 per share. The ex-dividend date is Thursday, December 7th. This represents a $7.60 dividend on an annualized basis and a yield of 6.59%. Simon Property Group’s payout ratio is 112.59%.

About Simon Property Group

(Get Free Report)

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.

Further Reading

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