Amalgamated Bank Sells 5,057 Shares of Simon Property Group, Inc. (NYSE:SPG)

Amalgamated Bank decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,942 shares of the real estate investment trust’s stock after selling 5,057 shares during the period. Amalgamated Bank’s holdings in Simon Property Group were worth $11,688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. LPL Financial LLC increased its stake in Simon Property Group by 16.6% in the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Simon Property Group by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after acquiring an additional 6,703 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Simon Property Group by 121.5% in 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 acquiring an additional 17,552 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Simon Property Group in the 4th quarter valued at $238,000. Finally, Mirae Asset Global Investments Co. Ltd. grew 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 valued at $11,670,000 after purchasing an additional 7,250 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on SPG. Evercore ISI increased their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Truist Financial increased their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Up 1.1 %

Shares of NYSE SPG traded up $1.57 on Friday, reaching $142.93. 1,257,436 shares of the company’s stock traded hands, compared to its average volume of 1,222,757. The business’s 50 day simple moving average is $148.36 and its two-hundred day simple moving average is $137.77. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The company has a market cap of $46.58 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 7.42 and a beta of 1.68. 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 (NYSE:SPG) last announced 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). 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 for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm posted $3.15 EPS. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities research 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. Shareholders of record on Friday, March 8th were issued a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.46%. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group declared that its Board of Directors has authorized a share repurchase program 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 stock through open market purchases. Stock repurchase programs are often 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.