Simon Property Group, Inc. (NYSE:SPG) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its stake in shares of Simon Property Group, Inc. (NYSE:SPGFree Report) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,649 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Simon Property Group were worth $14,499,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Princeton Global Asset Management LLC acquired a new position in shares of Simon Property Group during the 4th quarter worth approximately $71,000. Financial Management Network Inc. raised its position in shares of Simon Property Group by 3.7% during the 4th quarter. Financial Management Network Inc. now owns 19,231 shares of the real estate investment trust’s stock worth $2,705,000 after purchasing an additional 692 shares during the last quarter. Spirit of America Management Corp NY raised its position in shares of Simon Property Group by 7.4% during the 4th quarter. Spirit of America Management Corp NY now owns 17,500 shares of the real estate investment trust’s stock worth $2,496,000 after purchasing an additional 1,200 shares during the last quarter. Miracle Mile Advisors LLC raised its position in shares of Simon Property Group by 0.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after purchasing an additional 86 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Simon Property Group by 0.6% during the 4th quarter. Fifth Third Bancorp now owns 26,279 shares of the real estate investment trust’s stock worth $3,748,000 after purchasing an additional 158 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Down 2.3 %

Shares of NYSE SPG opened at $150.00 on Wednesday. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The firm has a fifty day moving average of $148.17 and a 200-day moving average of $132.41. The stock has a market capitalization of $48.89 billion, a PE ratio of 21.49, a P/E/G ratio of 8.05 and a beta of 1.65. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPGGet Free Report) last announced 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). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the firm earned $3.15 earnings per share. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. 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%. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its board has authorized a stock buyback plan on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on SPG

Simon Property Group Company Profile

(Free Report)

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.

Further Reading

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

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