Mackenzie Financial Corp Has $24.74 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

Mackenzie Financial Corp trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG) by 5.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 173,412 shares of the real estate investment trust’s stock after selling 10,027 shares during the period. Mackenzie Financial Corp’s holdings in Simon Property Group were worth $24,735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SPG. Arlington Trust Co LLC acquired a new stake in shares of Simon Property Group in the third quarter valued at approximately $25,000. DT Investment Partners LLC lifted its holdings in Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares during the last quarter. Selway Asset Management acquired a new stake in Simon Property Group during the 3rd quarter worth approximately $26,000. Financial Freedom LLC acquired a new stake in Simon Property Group during the 4th quarter worth approximately $27,000. Finally, Tyler Stone Wealth Management acquired a new stake in Simon Property Group during the 2nd quarter worth approximately $27,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

Simon Property Group stock opened at $140.90 on Thursday. The stock’s fifty day moving average price is $149.56 and its two-hundred day moving average price is $135.19. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $45.92 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 7.36 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results 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). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business posted $3.15 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, research analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

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

Simon Property Group Increases Dividend

The firm 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. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.54%. Simon Property Group’s dividend payout ratio (DPR) is presently 111.75%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPG shares. Evercore ISI lifted their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday. Morgan Stanley lifted their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial lifted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, Piper Sandler lifted their price target on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a report on Wednesday, December 20th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.