California Public Employees Retirement System Sells 18,531 Shares of Simon Property Group, Inc. (NYSE:SPG)

California Public Employees Retirement System decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 619,003 shares of the real estate investment trust’s stock after selling 18,531 shares during the period. California Public Employees Retirement System’s holdings in Simon Property Group were worth $88,295,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. LPL Financial LLC boosted its holdings in shares of Simon Property Group by 16.6% during the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after buying an additional 51,380 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Simon Property Group by 4.6% during the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after buying an additional 6,703 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Simon Property Group by 121.5% during the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock worth $4,565,000 after buying an additional 17,552 shares during the period. Cornerstone Wealth Management LLC bought a new stake in shares of Simon Property Group during the 4th quarter worth about $238,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Simon Property Group by 9.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock worth $11,670,000 after buying an additional 7,250 shares during the period. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

SPG has been the subject of a number of recent research reports. Evercore ISI boosted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial boosted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Finally, Morgan Stanley boosted their price objective 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $142.82 on Thursday. The firm has a 50 day moving average of $149.30 and a 200-day moving average of $136.51. The stock has a market capitalization of $46.55 billion, a PE ratio of 20.46, a PEG ratio of 7.54 and a beta of 1.65. 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.

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 analysts’ consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.15 earnings per share. On average, equities research analysts predict 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. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 5.46%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

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

Simon Property Group 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.