Sei Investments Co. cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 571,642 shares of the real estate investment trust’s stock after selling 100,006 shares during the quarter. Sei Investments Co.’s holdings in Simon Property Group were worth $64,819,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. FWL Investment Management LLC bought a new position in Simon Property Group in the fourth quarter valued at about $5,385,000. Victory Capital Management Inc. raised its holdings in Simon Property Group by 7.3% in the 4th quarter. Victory Capital Management Inc. now owns 120,503 shares of the real estate investment trust’s stock valued at $10,276,000 after buying an additional 8,219 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Simon Property Group by 4.2% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 55,253 shares of the real estate investment trust’s stock worth $4,712,000 after buying an additional 2,226 shares during the period. California Public Employees Retirement System grew its holdings in Simon Property Group by 11.3% during the 4th quarter. California Public Employees Retirement System now owns 817,950 shares of the real estate investment trust’s stock worth $69,755,000 after acquiring an additional 83,308 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its position in Simon Property Group by 15.4% in the 4th quarter. Treasurer of the State of North Carolina now owns 139,564 shares of the real estate investment trust’s stock valued at $11,902,000 after acquiring an additional 18,630 shares during the period. Institutional investors own 86.82% of the company’s stock.
Several analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Simon Property Group from $120.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday. BMO Capital Markets reaffirmed a “hold” rating on shares of Simon Property Group in a research note on Thursday, May 20th. Morgan Stanley increased their target price on shares of Simon Property Group from $140.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday. They noted that the move was a valuation call. Citigroup initiated coverage on shares of Simon Property Group in a research report on Tuesday, February 23rd. They issued a “neutral” rating on the stock. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $112.00 to $128.00 in a research report on Monday, April 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $117.06.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 10th. The real estate investment trust reported $1.36 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.89). Simon Property Group had a return on equity of 40.13% and a net margin of 24.94%. The company had revenue of $1.24 billion during the quarter. During the same period in the previous year, the business posted $1.43 earnings per share. The firm’s revenue was down 8.4% on a year-over-year basis. As a group, equities analysts predict that Simon Property Group, Inc. will post 9.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 23rd. Investors of record on Friday, April 9th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was Thursday, April 8th. Simon Property Group’s payout ratio is currently 57.08%.
In other news, Director J Albert Smith, Jr. acquired 385 shares of the business’s stock in a transaction on Friday, April 23rd. The shares were purchased at an average cost of $116.37 per share, with a total value of $44,802.45. Following the acquisition, the director now directly owns 8,807 shares of the company’s stock, valued at $1,024,870.59. The transaction was disclosed in a document filed with the SEC, which is available through this link. 8.49% of the stock is currently owned by company insiders.
Simon Property Group Company 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.
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