First Citizens Bank & Trust Co. Trims Holdings in Simon Property Group, Inc. (NYSE:SPG)

First Citizens Bank & Trust Co. trimmed its position in Simon Property Group, Inc. (NYSE:SPGFree Report) by 10.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,093 shares of the real estate investment trust’s stock after selling 1,186 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Simon Property Group were worth $1,440,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Cohen & Steers Inc. grew its holdings in Simon Property Group by 8.2% during the second quarter. Cohen & Steers Inc. now owns 24,433,430 shares of the real estate investment trust’s stock worth $2,821,452,000 after acquiring an additional 1,852,099 shares during the period. Geode Capital Management LLC grew its holdings in Simon Property Group by 10.4% in the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock valued at $910,337,000 after purchasing an additional 765,146 shares during the period. Cowa LLC acquired a new stake in Simon Property Group in the first quarter valued at approximately $107,000. Norges Bank acquired a new stake in Simon Property Group in the fourth quarter valued at approximately $807,887,000. Finally, Morgan Stanley grew its holdings in Simon Property Group by 6.9% in the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock valued at $763,656,000 after purchasing an additional 421,554 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Trading Down 2.3 %

SPG opened at $150.00 on Wednesday. The business has a fifty day moving average price of $148.17 and a 200 day moving average price of $132.41. The stock has a market capitalization of $48.89 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 8.05 and a beta of 1.65. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. 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:SPGGet Free Report) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.15 earnings per share. Sell-side analysts expect 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 authorized a stock buyback plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given 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 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SPG shares. Truist Financial lifted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI lifted their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Piper Sandler lifted their target price on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. Finally, The Goldman Sachs Group boosted their price objective on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $140.22.

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Simon Property Group Company Profile

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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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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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