Strs Ohio Sells 105,100 Shares of Simon Property Group, Inc. (NYSE:SPG)

Strs Ohio lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 39.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,454 shares of the real estate investment trust’s stock after selling 105,100 shares during the quarter. Strs Ohio’s holdings in Simon Property Group were worth $22,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in SPG. Arlington Trust Co LLC acquired a new stake in Simon Property Group in the third quarter worth about $25,000. DT Investment Partners LLC boosted its holdings in Simon Property Group by 714.3% in the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 200 shares in the last quarter. Selway Asset Management acquired a new stake in Simon Property Group in the third quarter worth about $26,000. Financial Freedom LLC acquired a new stake in Simon Property Group in the fourth quarter worth about $27,000. Finally, Tyler Stone Wealth Management acquired a new stake in Simon Property Group in the second quarter worth about $27,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Down 1.7 %

Shares of SPG opened at $142.39 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The stock’s 50 day moving average is $149.67 and its two-hundred day moving average is $134.93. The firm has a market cap of $46.40 billion, a P/E ratio of 20.40, a PEG ratio of 7.60 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.15 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. The ex-dividend date was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.48%. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group announced that its Board of Directors has initiated a share buyback program on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SPG. Evercore ISI raised their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group raised their price objective on Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Piper Sandler raised their price objective on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. Finally, Truist Financial raised their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

About Simon Property Group

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.