National Pension Service lowered its position in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 0.4% during the first quarter, Holdings Channel reports. The firm owned 518,989 shares of the real estate investment trust’s stock after selling 2,186 shares during the period. National Pension Service’s holdings in Simon Property Group were worth $68,278,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Tradition Wealth Management LLC acquired a new position in shares of Simon Property Group during the 1st quarter valued at $25,000. Cyrus J. Lawrence LLC acquired a new position in shares of Simon Property Group during the 1st quarter valued at $29,000. Tyler Stone Wealth Management acquired a new position in shares of Simon Property Group during the 4th quarter valued at $38,000. SOA Wealth Advisors LLC. lifted its position in shares of Simon Property Group by 2,000.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 294 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 280 shares during the period. Finally, Riverview Trust Co acquired a new position in shares of Simon Property Group during the 1st quarter valued at $38,000. Institutional investors and hedge funds own 81.86% of the company’s stock.
Analyst Upgrades and Downgrades
SPG has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Simon Property Group to $130.00 in a research report on Monday, July 4th. Compass Point dropped their target price on shares of Simon Property Group from $200.00 to $160.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. UBS Group boosted their price target on shares of Simon Property Group from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 2nd. Mizuho decreased their price target on shares of Simon Property Group from $158.00 to $115.00 and set a “neutral” rating for the company in a research note on Wednesday, August 3rd. Finally, Morgan Stanley decreased their price target on shares of Simon Property Group from $133.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, August 29th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.29.
Simon Property Group Stock Performance
Simon Property Group (NYSE:SPG – Get Rating) last posted its earnings results on Monday, August 1st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Simon Property Group had a net margin of 40.59% and a return on equity of 56.93%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business posted $2.92 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, equities research analysts predict that Simon Property Group, Inc. will post 11.66 EPS for the current fiscal year.
Simon Property Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be given a dividend of $1.75 per share. The ex-dividend date is Thursday, September 8th. This represents a $7.00 annualized dividend and a yield of 6.83%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.70. Simon Property Group’s dividend payout ratio is presently 106.08%.
About Simon Property Group
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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