Convergence Investment Partners LLC Sells 345 Shares of Simon Property Group, Inc. (NYSE:SPG)

Convergence Investment Partners LLC cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,349 shares of the real estate investment trust’s stock after selling 345 shares during the quarter. Convergence Investment Partners LLC’s holdings in Simon Property Group were worth $1,191,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SPG. Caprock Group LLC boosted its stake in Simon Property Group by 6.2% during the third quarter. Caprock Group LLC now owns 3,195 shares of the real estate investment trust’s stock worth $345,000 after acquiring an additional 187 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Simon Property Group by 1.2% during the third quarter. Handelsbanken Fonder AB now owns 150,994 shares of the real estate investment trust’s stock worth $16,312,000 after acquiring an additional 1,755 shares in the last quarter. Future Financial Wealth Managment LLC boosted its stake in Simon Property Group by 3.8% during the third quarter. Future Financial Wealth Managment LLC now owns 5,661 shares of the real estate investment trust’s stock worth $612,000 after acquiring an additional 205 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Simon Property Group by 6.4% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 81,817 shares of the real estate investment trust’s stock worth $8,839,000 after acquiring an additional 4,900 shares in the last quarter. Finally, Edmp Inc. boosted its stake in Simon Property Group by 34.0% during the third quarter. Edmp Inc. now owns 2,696 shares of the real estate investment trust’s stock worth $291,000 after acquiring an additional 684 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Down 0.3 %

Shares of SPG stock traded down $0.37 on Friday, hitting $142.36. The stock had a trading volume of 1,026,159 shares, compared to its average volume of 1,112,382. The business has a 50 day moving average of $149.04 and a 200 day moving average of $137.02. The stock has a market cap of $46.40 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 7.47 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, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.15 EPS. As a group, analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group announced that its board has initiated a share repurchase program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

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

Analysts Set New Price Targets

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

About Simon Property Group

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.