Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 81.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,227 shares of the real estate investment trust’s stock after selling 27,075 shares during the period. Summit Global Investments’ holdings in Simon Property Group were worth $888,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPG. DT Investment Partners LLC increased its position in shares of Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 200 shares during the last quarter. Selway Asset Management bought a new stake in Simon Property Group in the third quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Simon Property Group during the third quarter valued at approximately $33,000. BOK Financial Private Wealth Inc. bought a new position in Simon Property Group during the 4th quarter worth approximately $34,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Simon Property Group in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $142.93 on Friday. 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 company has a market cap of $46.58 billion, a PE ratio of 20.48, a P/E/G ratio of 7.50 and a beta of 1.68. The stock has a 50 day simple moving average of $148.21 and a 200-day simple moving average of $138.01.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company earned $3.15 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities research analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 5.46%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its board has approved a share buyback program on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on SPG. Evercore ISI lifted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley boosted their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Four investment 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.