Sigma Planning Corp Reduces Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Sigma Planning Corp trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 37.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,016 shares of the real estate investment trust’s stock after selling 1,839 shares during the period. Sigma Planning Corp’s holdings in Simon Property Group were worth $430,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SPG. International Assets Investment Management LLC increased its stake in shares of Simon Property Group by 13,226.4% during the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after purchasing an additional 913,678 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Simon Property Group in the 3rd quarter worth approximately $69,423,000. American Century Companies Inc. grew its stake in Simon Property Group by 65.3% in the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock worth $92,278,000 after acquiring an additional 337,430 shares during the period. Sapient Capital LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $25,725,000. Finally, Schroder Investment Management Group grew its stake in Simon Property Group by 16.6% in the 3rd quarter. Schroder Investment Management Group now owns 1,267,131 shares of the real estate investment trust’s stock worth $136,888,000 after acquiring an additional 180,318 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SPG. Evercore ISI lifted 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. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial lifted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. 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 report on Monday, February 26th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Performance

Simon Property Group stock opened at $142.36 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 market capitalization of $46.40 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 7.49 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. The firm’s fifty day moving average price is $149.04 and its 200 day moving average price is $136.81.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the firm earned $3.15 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, research analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a dividend of $1.95 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a yield of 5.48%. Simon Property Group’s payout ratio is 111.75%.

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

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.