Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 10.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,153 shares of the real estate investment trust’s stock after selling 251 shares during the period. Summit Trail Advisors LLC’s holdings in Simon Property Group were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Salem Investment Counselors Inc. grew its stake in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 80 shares in the last quarter. Cascade Investment Group Inc. grew its stake in shares of Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after buying an additional 80 shares in the last quarter. Schechter Investment Advisors LLC increased its holdings in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after buying an additional 81 shares during the last quarter. Evergreen Capital Management LLC raised its position in Simon Property Group by 1.9% during the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 85 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its stake in Simon Property Group by 0.9% in the fourth quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock valued at $1,369,000 after acquiring an additional 86 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SPG shares. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI raised their price objective on 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. Finally, Morgan Stanley boosted their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $147.13 on Wednesday. The company has a market cap of $47.95 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68. The business has a 50 day moving average price of $148.08 and a 200 day moving average price of $138.97. 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 twelve month low of $100.17 and a twelve month high of $157.82.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the company posted $2.74 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. Research analysts predict that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group announced that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $2.00 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend is Friday, June 7th. Simon Property Group’s dividend payout ratio (DPR) is 111.75%.

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.