State of Michigan Retirement System Has $14.50 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

State of Michigan Retirement System decreased its position in Simon Property Group, Inc. (NYSE:SPGFree Report) by 1.1% in the fourth quarter, HoldingsChannel reports. The firm owned 101,649 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Simon Property Group were worth $14,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPG. Arlington Trust Co LLC acquired a new position in Simon Property Group in the 3rd quarter worth approximately $25,000. DT Investment Partners LLC boosted its stake in shares of Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 200 shares during the period. Selway Asset Management acquired a new stake in shares of Simon Property Group during the 3rd quarter valued at $26,000. Financial Freedom LLC acquired a new stake in shares of Simon Property Group during the 4th quarter valued at $27,000. Finally, Tyler Stone Wealth Management acquired a new stake in shares of Simon Property Group during the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG opened at $150.00 on Wednesday. The company has a market capitalization of $48.89 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 8.05 and a beta of 1.65. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The company’s fifty day moving average price is $148.17 and its 200 day moving average price is $132.41.

Simon Property Group (NYSE:SPGGet Free Report) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the business earned $3.15 EPS. As a group, analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 5.20%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

Simon Property Group declared that its Board of Directors has approved a stock repurchase 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 buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Piper Sandler lifted their target price on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. 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. Evercore ISI raised their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $140.22.

Get Our Latest Stock Report on Simon Property Group

Simon Property Group Company Profile

(Free Report)

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

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