Ninety One SA PTY Ltd Sells 1,103 Shares of Simon Property Group, Inc. (NYSE:SPG)

Ninety One SA PTY Ltd decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 19.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 4,705 shares of the real estate investment trust’s stock after selling 1,103 shares during the quarter. Ninety One SA PTY Ltd’s holdings in Simon Property Group were worth $671,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. boosted its position in shares of Simon Property Group by 10.2% during the 4th quarter. Federated Hermes Inc. now owns 18,107 shares of the real estate investment trust’s stock valued at $2,583,000 after acquiring an additional 1,674 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Simon Property Group by 61.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 210 shares in the last quarter. KLCM Advisors Inc. acquired a new stake in shares of Simon Property Group during the 4th quarter valued at about $448,000. Sloy Dahl & Holst LLC acquired a new stake in shares of Simon Property Group during the 4th quarter valued at about $240,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Simon Property Group by 0.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 306,179 shares of the real estate investment trust’s stock valued at $43,673,000 after acquiring an additional 1,485 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG stock traded down $0.63 during trading hours on Thursday, reaching $140.31. 459,423 shares of the company were exchanged, compared to its average volume of 1,497,314. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The stock’s fifty day moving average is $149.56 and its two-hundred day moving average is $135.19. The company has a market cap of $45.73 billion, a price-to-earnings ratio of 20.13, a P/E/G ratio of 7.36 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.

Simon Property Group (NYSE:SPG) last announced its 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 return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company posted $3.15 earnings per share. Simon Property Group’s revenue for the quarter was up 9.1% on a year-over-year basis. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

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 dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.56%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio is presently 111.75%.

Simon Property Group announced that its board has authorized a share buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

SPG has been the topic of several recent research reports. 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 report on Monday, February 26th. 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 report on Thursday, December 21st. Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Evercore ISI boosted 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 research report on Wednesday, February 28th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.