Mather Group LLC. Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

Mather Group LLC. lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 17.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,066 shares of the real estate investment trust’s stock after selling 627 shares during the quarter. Mather Group LLC.’s holdings in Simon Property Group were worth $437,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SPG. Northern Trust Corp boosted its holdings in shares of Simon Property Group by 1.9% during the 3rd quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock valued at $512,624,000 after buying an additional 86,778 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Simon Property Group by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,465,010 shares of the real estate investment trust’s stock worth $374,325,000 after buying an additional 40,630 shares during the last quarter. Invesco Ltd. raised its position in 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 worth $260,265,000 after buying an additional 71,751 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Simon Property Group by 1.3% during the 3rd quarter. Principal Financial Group Inc. now owns 2,128,104 shares of the real estate investment trust’s stock valued at $229,897,000 after purchasing an additional 26,491 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Simon Property Group by 5.9% during the 3rd quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock valued at $203,866,000 after purchasing an additional 105,606 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

SPG opened at $140.18 on Thursday. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The business’s fifty day simple moving average is $148.57 and its 200-day simple moving average is $137.74. The company has a market capitalization of $45.68 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 7.37 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $1.38 billion. During the same period in the previous year, the business earned $3.15 EPS. Simon Property Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts anticipate 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 plan 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 purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. 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 dividend on an annualized basis and a yield of 5.56%. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SPG shares. Evercore ISI boosted their price objective on 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. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Truist Financial upped their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

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.