Payden & Rygel Lowers Position in Simon Property Group, Inc. (NYSE:SPG)

Payden & Rygel lessened its stake in Simon Property Group, Inc. (NYSE:SPGGet Rating) by 75.4% during the 1st quarter, HoldingsChannel reports. The firm owned 44,183 shares of the real estate investment trust’s stock after selling 135,300 shares during the quarter. Payden & Rygel’s holdings in Simon Property Group were worth $5,813,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $31,000. Equitec Proprietary Markets LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $36,000. Tyler Stone Wealth Management purchased a new stake in Simon Property Group in the 4th quarter worth approximately $38,000. Vectors Research Management LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $42,000. Finally, Arlington Partners LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $44,000. Institutional investors and hedge funds own 91.62% of the company’s stock.

SPG has been the subject of several research analyst reports. Morgan Stanley reduced their target price on Simon Property Group from $180.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, March 7th. StockNews.com initiated coverage on Simon Property Group in a research note on Thursday, March 31st. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft reduced their target price on Simon Property Group from $190.00 to $173.00 and set a “buy” rating for the company in a research note on Thursday, March 31st. Stifel Nicolaus reduced their target price on Simon Property Group from $180.00 to $165.00 in a research note on Tuesday, May 10th. Finally, Compass Point reduced their target price on Simon Property Group from $200.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and a consensus price target of $163.07.

Shares of SPG traded down $0.22 during midday trading on Thursday, reaching $95.73. The company had a trading volume of 12,065 shares, compared to its average volume of 2,186,556. Simon Property Group, Inc. has a 1-year low of $93.50 and a 1-year high of $171.12. The stock has a market cap of $31.46 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 2.26 and a beta of 1.46. The firm has a 50 day simple moving average of $113.90 and a 200-day simple moving average of $133.37. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 6.82.

Simon Property Group (NYSE:SPGGet Rating) last issued its earnings results on Monday, May 9th. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($1.44). Simon Property Group had a return on equity of 56.67% and a net margin of 43.12%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business earned $2.48 earnings per share. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 11.73 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 9th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Wednesday, June 8th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.65. This represents a $6.80 dividend on an annualized basis and a dividend yield of 7.10%. Simon Property Group’s dividend payout ratio (DPR) is 100.30%.

Simon Property Group Profile (Get Rating)

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.

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

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