Mogy Joel R Investment Counsel Inc. Lowers Stake in Simon Property Group, Inc. (NYSE:SPG)

Mogy Joel R Investment Counsel Inc. lessened its stake in Simon Property Group, Inc. (NYSE:SPG) by 13.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,825 shares of the real estate investment trust’s stock after selling 425 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in Simon Property Group were worth $403,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

SPG has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Evercore ISI boosted 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 increased their price objective 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. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Price Performance

Shares of SPG stock traded down $0.37 during trading hours on Friday, hitting $142.36. 1,026,159 shares of the company’s stock were exchanged, compared to its average volume of 1,112,382. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The firm has a market cap of $46.40 billion, a P/E ratio of 20.40, a P/E/G ratio of 7.49 and a beta of 1.65. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a 50 day moving average of $149.04 and a two-hundred day moving average of $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 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 company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the company earned $3.15 EPS. The firm’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 EPS for the current year.

Simon Property Group announced that its board has approved a stock repurchase plan 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 plans are usually an indication that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

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

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.