Simon Property Group, Inc. (NYSE:SPG) Stock Holdings Increased by Wells Fargo & Company MN

Wells Fargo & Company MN raised its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 796,145 shares of the real estate investment trust’s stock after acquiring an additional 4,077 shares during the period. Wells Fargo & Company MN owned approximately 0.24% of Simon Property Group worth $113,562,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Simon Property Group during the 4th quarter valued at $2,561,181,000. Northern Trust Corp raised its stake in shares of Simon Property Group by 1.9% in 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 buying an additional 86,778 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Simon Property Group by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock worth $504,611,000 after buying an additional 72,645 shares in the last quarter. Invesco Ltd. raised its stake in shares of 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 worth $260,265,000 after buying an additional 71,751 shares in the last quarter. Finally, Boston Partners raised its stake in shares of Simon Property Group by 9.0% in the 4th quarter. Boston Partners now owns 2,228,580 shares of the real estate investment trust’s stock worth $317,881,000 after buying an additional 183,702 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $146.17 on Thursday. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market capitalization of $47.64 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 8.78 and a beta of 1.68. The stock’s fifty day simple moving average is $147.55 and its 200-day simple moving average is $141.79.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the firm posted $2.74 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Simon Property Group, Inc. will post 12.87 earnings per share for the current fiscal year.

Simon Property Group declared that its Board of Directors has approved a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually 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. Shareholders of record on Friday, June 7th will be paid a $2.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.47%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 99.36%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SPG. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. 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 research report on Monday, February 26th. Evercore ISI boosted their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Scotiabank boosted their target price on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Finally, Truist Financial boosted 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. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $141.40.

Simon Property Group Company 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.