Simon Property Group, Inc. (NYSE:SPG) Shares Sold by LGT Group Foundation

LGT Group Foundation cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.5% during the fourth quarter, Holdings Channel reports. The firm owned 111,500 shares of the real estate investment trust’s stock after selling 2,875 shares during the quarter. LGT Group Foundation’s holdings in Simon Property Group were worth $16,087,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SPG. JFG Wealth Management LLC purchased a new stake in Simon Property Group during the 4th quarter worth approximately $228,000. First Trust Direct Indexing L.P. grew its stake in shares of Simon Property Group by 60.7% in the fourth quarter. First Trust Direct Indexing L.P. now owns 9,339 shares of the real estate investment trust’s stock worth $1,332,000 after acquiring an additional 3,526 shares in the last quarter. Great Valley Advisor Group Inc. increased its position in shares of Simon Property Group by 10.1% during the fourth quarter. Great Valley Advisor Group Inc. now owns 26,446 shares of the real estate investment trust’s stock worth $3,772,000 after acquiring an additional 2,436 shares during the period. New York Life Investment Management LLC raised its stake in shares of Simon Property Group by 0.4% in the fourth quarter. New York Life Investment Management LLC now owns 50,819 shares of the real estate investment trust’s stock valued at $7,249,000 after acquiring an additional 185 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in Simon Property Group by 40.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 665 shares of the real estate investment trust’s stock valued at $95,000 after purchasing an additional 193 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Evercore ISI boosted their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Morgan Stanley raised their target price 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. Finally, Truist Financial boosted their price target 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Down 0.2 %

SPG traded down $0.28 on Thursday, reaching $139.90. The company’s stock had a trading volume of 287,074 shares, compared to its average volume of 1,462,440. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The stock has a 50 day moving average of $148.57 and a two-hundred day moving average of $137.74. The company has a market capitalization of $45.59 billion, a price-to-earnings ratio of 20.08, a P/E/G ratio of 7.37 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last issued its 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 company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company posted $3.15 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced 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 was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.58%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership 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.