M&G Investment Management Ltd. Sells 145 Shares of Simon Property Group, Inc. (NYSE:SPG)

M&G Investment Management Ltd. reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,879 shares of the real estate investment trust’s stock after selling 145 shares during the period. M&G Investment Management Ltd.’s holdings in Simon Property Group were worth $5,417,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Cascade Investment Group Inc. raised its stake in Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after buying an additional 80 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC grew its holdings in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares during the period. Evergreen Capital Management LLC grew its holdings in Simon Property Group by 1.9% in the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 85 shares during the period. Finally, Miracle Mile Advisors LLC grew its holdings in Simon Property Group by 0.9% in the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after purchasing an additional 86 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

NYSE SPG traded down $0.96 during trading hours on Thursday, hitting $149.29. 629,122 shares of the company’s stock traded hands, compared to its average volume of 1,470,098. The business’s fifty day moving average price is $147.85 and its two-hundred day moving average price is $140.55. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm has a market capitalization of $48.65 billion, a P/E ratio of 19.11, a P/E/G ratio of 7.61 and a beta of 1.68. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.74 earnings per share. Equities research analysts predict that Simon Property Group, Inc. will post 12.87 EPS for the current year.

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

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 5.36%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s payout ratio is presently 99.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Truist Financial upped 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. Scotiabank increased their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Evercore ISI increased their price target 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. Finally, Morgan Stanley increased 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. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.40.

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.