Sage Investment Advisers LLC Lowers Stake in Simon Property Group, Inc. (NYSE:SPG)

Sage Investment Advisers LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,930 shares of the real estate investment trust’s stock after selling 481 shares during the quarter. Sage Investment Advisers LLC’s holdings in Simon Property Group were worth $418,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Raymond James & Associates grew its holdings in shares of Simon Property Group by 1.2% during the 3rd quarter. Raymond James & Associates now owns 233,143 shares of the real estate investment trust’s stock valued at $25,186,000 after purchasing an additional 2,785 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Simon Property Group by 8.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 58,386 shares of the real estate investment trust’s stock worth $6,307,000 after acquiring an additional 4,739 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in Simon Property Group by 11.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 2,514 shares of the real estate investment trust’s stock worth $272,000 after acquiring an additional 256 shares during the last quarter. Lindbrook Capital LLC grew its holdings in Simon Property Group by 37.3% in the 3rd quarter. Lindbrook Capital LLC now owns 1,540 shares of the real estate investment trust’s stock worth $166,000 after acquiring an additional 418 shares during the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in Simon Property Group by 10.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 6,250 shares of the real estate investment trust’s stock worth $675,000 after acquiring an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Down 0.0 %

NYSE SPG traded down $0.07 during trading hours on Wednesday, reaching $147.88. 1,383,091 shares of the company’s stock traded hands, compared to its average volume of 1,492,396. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The firm has a market cap of $48.19 billion, a PE ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68. The firm has a 50-day simple moving average of $148.08 and a 200 day simple moving average of $138.97. 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:SPG) last issued its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the firm posted $2.74 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $2.00 dividend. The ex-dividend date is Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SPG. Truist Financial raised their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Evercore ISI lifted their target price on shares of 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, Morgan Stanley lifted their target price 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.