Van ECK Associates Corp trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,121 shares of the real estate investment trust’s stock after selling 14,659 shares during the quarter. Van ECK Associates Corp owned about 0.05% of Simon Property Group worth $22,250,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the business. Ascent Group LLC lifted its stake in Simon Property Group by 152.0% in the 1st quarter. Ascent Group LLC now owns 13,031 shares of the real estate investment trust’s stock worth $1,714,000 after purchasing an additional 7,860 shares in the last quarter. Tcwp LLC acquired a new stake in shares of Simon Property Group during the 1st quarter worth approximately $59,000. Moloney Securities Asset Management LLC increased its holdings in shares of Simon Property Group by 12.3% during the 1st quarter. Moloney Securities Asset Management LLC now owns 7,791 shares of the real estate investment trust’s stock worth $1,025,000 after buying an additional 853 shares during the last quarter. MAI Capital Management increased its holdings in shares of Simon Property Group by 3.5% during the 1st quarter. MAI Capital Management now owns 3,716 shares of the real estate investment trust’s stock worth $489,000 after buying an additional 127 shares during the last quarter. Finally, Sage Investment Advisers LLC increased its holdings in shares of Simon Property Group by 4.7% during the 1st quarter. Sage Investment Advisers LLC now owns 3,204 shares of the real estate investment trust’s stock worth $421,000 after buying an additional 144 shares during the last quarter. 91.62% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on SPG. Deutsche Bank Aktiengesellschaft cut their price target on shares of Simon Property Group from $173.00 to $129.00 in a report on Monday, July 18th. Truist Financial cut their price target on shares of Simon Property Group from $130.00 to $125.00 and set a “hold” rating for the company in a report on Monday. Piper Sandler cut their price target on shares of Simon Property Group to $130.00 in a report on Monday, July 4th. Morgan Stanley cut their price target on shares of Simon Property Group from $145.00 to $133.00 and set an “overweight” rating for the company in a report on Friday, July 15th. Finally, Jefferies Financial Group downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating and cut their price target for the stock from $160.00 to $100.00 in a report on Thursday, June 30th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $144.73.
Simon Property Group Stock Performance
Simon Property Group (NYSE:SPG – Get Rating) last posted its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Simon Property Group had a net margin of 40.59% and a return on equity of 56.93%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.92 earnings per share. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 11.72 earnings per share for the current fiscal year.
Simon Property Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be paid a $1.75 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $7.00 annualized dividend and a dividend yield of 6.11%. Simon Property Group’s payout ratio is 106.08%.
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.
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