Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,953 shares of the real estate investment trust’s stock after selling 100 shares during the period. Carret Asset Management LLC’s holdings in Simon Property Group were worth $1,848,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Northern Trust Corp lifted its stake in Simon Property Group by 1.9% during the 3rd quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock worth $512,624,000 after acquiring an additional 86,778 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Simon Property Group by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,465,010 shares of the real estate investment trust’s stock valued at $374,325,000 after purchasing an additional 40,630 shares in the last quarter. Invesco Ltd. raised its position in Simon Property Group by 3.1% in the 3rd quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock valued at $260,265,000 after purchasing an additional 71,751 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Simon Property Group by 1.3% during the 3rd quarter. Principal Financial Group Inc. now owns 2,128,104 shares of the real estate investment trust’s stock worth $229,897,000 after acquiring an additional 26,491 shares in the last quarter. Finally, Royal Bank of Canada raised its position in shares of Simon Property Group by 5.9% during the 3rd quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock worth $203,866,000 after acquiring an additional 105,606 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded down $0.96 during trading on Wednesday, reaching $142.82. The company’s stock had a trading volume of 1,109,979 shares, compared to its average volume of 1,480,403. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. 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 $46.55 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65. The business has a 50 day moving average price of $149.30 and a 200-day moving average price of $136.47.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. 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 posted $3.15 EPS. Simon Property Group’s revenue was up 9.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group declared that its board has approved a stock buyback program on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.46%. Simon Property Group’s dividend payout ratio is presently 111.75%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SPG. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Truist Financial raised their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Evercore ISI raised their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Finally, Morgan Stanley raised their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.