O Shaughnessy Asset Management LLC trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 15.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,926 shares of the real estate investment trust’s stock after selling 37,364 shares during the period. O Shaughnessy Asset Management LLC owned approximately 0.06% of Simon Property Group worth $21,706,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of SPG. AMI Investment Management Inc. grew its stake in Simon Property Group by 1.2% in the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after buying an additional 204 shares in the last quarter. Raymond James Trust N.A. grew its stake in Simon Property Group by 9.8% in 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 grew its stake in Simon Property Group by 56.8% in 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 buying an additional 20,022 shares in the last quarter. Prudential PLC purchased a new position in Simon Property Group in the 1st quarter valued at approximately $642,000. Finally, Dakota Wealth Management purchased a new position in Simon Property Group in the 1st quarter valued at approximately $390,000. 84.73% of the stock is currently owned by hedge funds and other institutional investors.
Simon Property Group Stock Performance
NYSE SPG opened at $150.35 on Friday. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $153.11. The company has a debt-to-equity ratio of 7.54, a quick ratio of 0.94 and a current ratio of 1.77. The company has a market capitalization of $49.05 billion, a P/E ratio of 21.54, a P/E/G ratio of 7.22 and a beta of 1.65. The company has a fifty day moving average of $143.64 and a 200-day moving average of $125.56.
Simon Property Group (NYSE:SPG – Get Free Report) last posted 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 the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.15 earnings per share. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.04 EPS for the current fiscal year.
Simon Property Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.19%. Simon Property Group’s payout ratio is currently 108.88%.
Simon Property Group announced that its board has authorized a stock repurchase program on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Piper Sandler boosted their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. Morgan Stanley lowered shares of Simon Property Group from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $132.00 to $143.00 in a research report on Thursday, December 21st. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, January 19th. The Goldman Sachs Group boosted their price target on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Finally, Truist Financial boosted their price target on shares of Simon Property Group from $128.00 to $139.00 and gave the company a “hold” rating in a research report on Tuesday, January 16th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group has a consensus rating of “Moderate Buy” and a consensus price target of $137.75.
Read Our Latest Stock Analysis on SPG
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.
See Also
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