Simon Property Group, Inc. (NYSE:SPG) Shares Sold by PFG Investments LLC
PFG Investments LLC cut its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 9.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,061 shares of the real estate investment trust’s stock after selling 220 shares during the period. PFG Investments LLC’s holdings in Simon Property Group were worth $294,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. LPL Financial LLC boosted its holdings in shares of Simon Property Group by 16.6% in the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after buying an additional 51,380 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Simon Property Group by 4.6% in the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after buying an additional 6,703 shares during the period. SG Americas Securities LLC boosted 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 valued at $4,565,000 after buying an additional 17,552 shares during the period. Cornerstone Wealth Management LLC acquired a new position in shares of Simon Property Group in the 4th quarter valued at about $238,000. Finally, Invesco Ltd. boosted its holdings in shares of Simon Property Group by 3.1% in the 3rd quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock valued at $260,265,000 after buying an additional 71,751 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.
Simon Property Group Stock Up 1.4 %
SPG stock opened at $156.49 on Friday. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The company has a market capitalization of $51.00 billion, a price-to-earnings ratio of 22.42, a price-to-earnings-growth ratio of 8.10 and a beta of 1.65. The firm’s 50-day moving average is $147.35 and its two-hundred day moving average is $131.45. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.
Simon Property Group (NYSE:SPG – Get Free Report) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $3.15 earnings per share. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.
Simon Property Group announced that its board has approved a share repurchase program on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Simon Property Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be issued a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Thursday, March 7th. Simon Property Group’s payout ratio is presently 111.75%.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on SPG. Truist Financial boosted their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Morgan Stanley boosted 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 research note on Monday, February 26th. Evercore ISI boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, January 19th. Finally, The Goldman Sachs Group boosted 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Moderate Buy” and an average price target of $140.22.
Read Our Latest Research Report on SPG
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.
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