Sun Life Financial Inc. Buys New Shares in Simon Property Group, Inc. (NYSE:SPG)

Sun Life Financial Inc. purchased a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 59,145 shares of the real estate investment trust’s stock, valued at approximately $9,997,000. Simon Property Group accounts for approximately 0.6% of Sun Life Financial Inc.’s portfolio, making the stock its 22nd largest holding.

Several other large investors have also recently added to or reduced their stakes in SPG. Clearstead Trust LLC bought a new stake in shares of Simon Property Group during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Simon Property Group in the 2nd quarter valued at $25,000. EntryPoint Capital LLC acquired a new position in shares of Simon Property Group in the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. bought a new position in shares of Simon Property Group during the 2nd quarter worth about $27,000. Finally, RFP Financial Group LLC boosted its position in shares of Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 160 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG stock opened at $170.98 on Monday. Simon Property Group, Inc. has a 1 year low of $104.24 and a 1 year high of $177.08. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm’s 50 day moving average is $167.66 and its 200-day moving average is $155.52. The firm has a market capitalization of $55.75 billion, a price-to-earnings ratio of 21.67, a PEG ratio of 9.35 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.88 EPS. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.80%. The ex-dividend date was Monday, September 9th. Simon Property Group’s payout ratio is currently 104.19%.

Analysts Set New Price Targets

A number of research analysts have commented on SPG shares. Truist Financial raised their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus restated a “hold” rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Finally, Scotiabank boosted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.