Alpha Omega Wealth Management LLC Cuts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Alpha Omega Wealth Management LLC lessened its stake in Simon Property Group, Inc. (NYSE:SPG) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,271 shares of the real estate investment trust’s stock after selling 2,342 shares during the period. Simon Property Group makes up about 1.1% of Alpha Omega Wealth Management LLC’s holdings, making the stock its 18th biggest holding. Alpha Omega Wealth Management LLC’s holdings in Simon Property Group were worth $6,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Cascade Investment Group Inc. boosted its position in Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after buying an additional 80 shares during the period. Salem Investment Counselors Inc. boosted its holdings in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 80 shares during the last quarter. Schechter Investment Advisors LLC boosted its holdings in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after acquiring an additional 81 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in shares of Simon Property Group by 1.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 85 shares during the last quarter. Finally, Miracle Mile Advisors LLC boosted its holdings in shares of Simon Property Group by 0.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock valued at $1,369,000 after acquiring an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on SPG shares. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Tuesday, April 9th. Morgan Stanley raised their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Piper Sandler raised their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. The Goldman Sachs Group raised their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, December 21st. Finally, Truist Financial raised their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Performance

NYSE SPG traded down $2.04 on Wednesday, reaching $140.35. 1,301,665 shares of the stock were exchanged, compared to its average volume of 1,259,808. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The firm has a market capitalization of $45.74 billion, a PE ratio of 20.11, a PEG ratio of 7.47 and a beta of 1.65. The company’s 50-day simple moving average is $149.61 and its two-hundred day simple moving average is $135.15. 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 (NYSE:SPG) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.15 EPS. Analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.56%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is presently 111.75%.

Simon Property Group announced that its board has initiated a stock repurchase plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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.