tru Independence LLC Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

tru Independence LLC decreased its position in Simon Property Group, Inc. (NYSE:SPG) by 8.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 45,930 shares of the real estate investment trust’s stock after selling 4,010 shares during the period. Simon Property Group accounts for 2.1% of tru Independence LLC’s holdings, making the stock its 12th largest position. tru Independence LLC’s holdings in Simon Property Group were worth $7,188,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SPG. Norges Bank purchased a new stake in shares of Simon Property Group in the 4th quarter valued at approximately $2,561,181,000. International Assets Investment Management LLC grew its stake in shares of Simon Property Group by 13,226.4% in the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock valued at $131,312,000 after buying an additional 913,678 shares during the period. Panagora Asset Management Inc. grew its stake in shares of Simon Property Group by 11,722.9% in the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock valued at $95,957,000 after buying an additional 667,034 shares during the period. Duff & Phelps Investment Management Co. grew its stake in shares of Simon Property Group by 160.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after buying an additional 469,855 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of 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 valued at $92,278,000 after buying an additional 337,430 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of several recent analyst reports. Truist Financial upped their price objective 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. Scotiabank upped their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Moderate Buy” and an average price target of $147.60.

Simon Property Group Stock Up 1.0 %

Simon Property Group stock traded up $1.46 during mid-day trading on Tuesday, reaching $147.98. 288,323 shares of the company’s stock were exchanged, compared to its average volume of 1,498,406. The company has a market cap of $48.23 billion, a P/E ratio of 18.66, a P/E/G ratio of 9.02 and a beta of 1.75. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $157.82. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a fifty day moving average of $147.63 and a 200-day moving average of $146.77.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. During the same quarter last year, the company earned $2.74 earnings per share. Simon Property Group’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

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.