Mackay Shields LLC Reduces Position in Simon Property Group Inc (SPG)
Mackay Shields LLC lowered its stake in Simon Property Group Inc (NYSE:SPG) by 5.5% during the 4th quarter, Holdings Channel reports. The firm owned 97,403 shares of the real estate investment trust’s stock after selling 5,702 shares during the period. Mackay Shields LLC’s holdings in Simon Property Group were worth $16,363,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Chicago Equity Partners LLC purchased a new stake in shares of Simon Property Group during the 3rd quarter worth about $349,000. Private Advisor Group LLC increased its holdings in shares of Simon Property Group by 11.1% during the 3rd quarter. Private Advisor Group LLC now owns 4,368 shares of the real estate investment trust’s stock valued at $772,000 after acquiring an additional 436 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Simon Property Group by 2.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 19,442 shares of the real estate investment trust’s stock valued at $3,436,000 after acquiring an additional 383 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Simon Property Group by 14.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,460,071 shares of the real estate investment trust’s stock valued at $611,567,000 after acquiring an additional 445,506 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its holdings in shares of Simon Property Group by 4.6% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 24,288 shares of the real estate investment trust’s stock valued at $4,293,000 after acquiring an additional 1,066 shares during the last quarter. Institutional investors own 92.33% of the company’s stock.
SPG has been the topic of a number of analyst reports. Morgan Stanley set a $180.00 price objective on Simon Property Group and gave the company a “hold” rating in a report on Tuesday, November 27th. Deutsche Bank set a $191.00 price objective on Simon Property Group and gave the company a “hold” rating in a report on Friday, November 30th. BMO Capital Markets reissued a “buy” rating and set a $191.00 price objective on shares of Simon Property Group in a report on Friday, February 1st. Wells Fargo & Co lowered Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Finally, Mizuho lowered Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price objective on the stock. in a report on Friday, February 15th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $194.67.
Simon Property Group (NYSE:SPG) last released its earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.24 by ($0.01). The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $1.84 EPS. Research analysts expect that Simon Property Group Inc will post 12.38 EPS for the current fiscal year.
Simon Property Group announced that its Board of Directors has authorized a stock buyback program on Tuesday, February 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Thursday, February 14th were issued a $2.05 dividend. The ex-dividend date was Wednesday, February 13th. This represents a $8.20 dividend on an annualized basis and a yield of 4.66%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 67.60%.
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About Simon Property Group
Simon is a global leader 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.
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