First Trust Advisors LP lowered its stake in shares of Simon Property Group Inc (NYSE:SPG) by 16.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,550 shares of the real estate investment trust’s stock after selling 40,049 shares during the quarter. First Trust Advisors LP’s holdings in Simon Property Group were worth $35,129,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in SPG. Parallel Advisors LLC raised its stake in Simon Property Group by 69.7% during the 3rd quarter. Parallel Advisors LLC now owns 772 shares of the real estate investment trust’s stock valued at $124,000 after acquiring an additional 317 shares in the last quarter. Partnervest Advisory Services LLC bought a new stake in Simon Property Group during the 4th quarter valued at $204,000. Murphy Capital Management Inc. bought a new stake in Simon Property Group during the 4th quarter valued at $206,000. First Merchants Corp bought a new stake in Simon Property Group during the 4th quarter valued at $213,000. Finally, Ausdal Financial Partners Inc. bought a new stake in Simon Property Group during the 3rd quarter valued at $204,000. Institutional investors and hedge funds own 46.99% of the company’s stock.
Several brokerages have weighed in on SPG. ValuEngine downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Boenning Scattergood reaffirmed a “buy” rating and set a $240.00 target price on shares of Simon Property Group in a research note on Thursday, February 1st. Barclays reaffirmed a “buy” rating and set a $190.00 target price on shares of Simon Property Group in a research note on Wednesday, January 31st. Zacks Investment Research raised Simon Property Group from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. Finally, Raymond James Financial set a $185.00 target price on Simon Property Group and gave the company a “buy” rating in a research note on Sunday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. Simon Property Group presently has an average rating of “Buy” and an average price target of $191.11.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $3.12 EPS for the quarter, hitting the Zacks’ consensus estimate of $3.12. Simon Property Group had a return on equity of 44.93% and a net margin of 35.14%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the previous year, the business earned $1.26 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. research analysts forecast that Simon Property Group Inc will post 12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Wednesday, February 14th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date is Tuesday, February 13th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.85. Simon Property Group’s payout ratio is currently 125.00%.
In other news, SVP Steven K. Broadwater sold 621 shares of the business’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $171.95, for a total transaction of $106,780.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.42% of the stock is owned by insiders.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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