Fort Washington Investment Advisors Inc. OH decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 8.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 203,734 shares of the real estate investment trust’s stock after selling 19,115 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.06% of Simon Property Group worth $29,061,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in SPG. Cowa LLC bought a new position in Simon Property Group during the 1st quarter valued at about $107,000. Norges Bank purchased a new position in shares of Simon Property Group in the fourth quarter worth approximately $807,887,000. Cohen & Steers Inc. grew its position in shares of Simon Property Group by 8.2% during the 2nd quarter. Cohen & Steers Inc. now owns 24,433,430 shares of the real estate investment trust’s stock valued at $2,821,452,000 after acquiring an additional 1,852,099 shares during the period. Geode Capital Management LLC increased its stake in shares of Simon Property Group by 10.4% in the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Simon Property Group by 527.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock worth $105,899,000 after purchasing an additional 676,627 shares during the period. 84.73% of the stock is currently owned by hedge funds and other institutional investors.
Simon Property Group Trading Up 0.3 %
Shares of SPG stock traded up $0.52 during trading on Tuesday, hitting $151.58. 141,121 shares of the stock traded hands, compared to its average volume of 1,557,911. The firm has a market capitalization of $49.40 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 7.98 and a beta of 1.65. 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, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The firm’s fifty day moving average price is $146.91 and its 200-day moving average price is $130.78.
Simon Property Group (NYSE:SPG – Get Free Report) last announced 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 business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $3.15 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.04 earnings per share for the current fiscal year.
Simon Property Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs 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 will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a $1.95 dividend. The ex-dividend date of this dividend is 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 5.15%. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on SPG. Truist Financial boosted their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday. Morgan Stanley upped their price target 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. Piper Sandler increased their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Evercore ISI raised 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. Finally, The Goldman Sachs Group increased their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.
Read Our Latest Stock Report on SPG
Simon Property Group 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.
Further Reading
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