Nordea Investment Management AB raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 4.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 152,740 shares of the real estate investment trust’s stock after purchasing an additional 6,703 shares during the period. Nordea Investment Management AB’s holdings in Simon Property Group were worth $21,923,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. AMI Investment Management Inc. raised its stake in shares of Simon Property Group by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock worth $2,312,000 after purchasing an additional 204 shares during the period. Raymond James Trust N.A. lifted its stake in shares of Simon Property Group by 9.8% during the 1st quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after buying an additional 371 shares in the last quarter. Blair William & Co. IL raised its stake in shares of Simon Property Group by 56.8% during the 1st quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after purchasing an additional 20,022 shares during the period. Prudential PLC bought a new stake in shares of Simon Property Group during the 1st quarter valued at $642,000. Finally, Dakota Wealth Management bought a new stake in shares of Simon Property Group during the 1st quarter valued at $390,000. Institutional investors and hedge funds own 84.73% of the company’s stock.
Simon Property Group Stock Down 0.3 %
NYSE SPG traded down $0.41 during mid-day trading on Thursday, reaching $154.99. The stock had a trading volume of 515,483 shares, compared to its average volume of 1,577,880. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82. The stock has a market cap of $50.51 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 8.10 and a beta of 1.65. The company has a fifty day moving average price of $146.36 and a 200 day moving average price of $129.95. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.
Simon Property Group (NYSE:SPG – Get Free Report) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. 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 earnings per share. Simon Property Group’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, research analysts expect that Simon Property Group, Inc. will post 12.04 earnings per share for the current year.
Simon Property Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be issued a dividend of $1.95 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date is Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.
Simon Property Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
SPG has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of Simon Property Group from $128.00 to $139.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Morgan Stanley lifted their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Piper Sandler lifted their price objective on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. The Goldman Sachs Group raised their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, January 19th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Moderate Buy” and an average price target of $139.33.
Check Out Our Latest Stock Analysis on Simon Property Group
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.
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