Sage Investment Advisers LLC Reduces Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Sage Investment Advisers LLC lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.1% in the fourth quarter, HoldingsChannel reports. The firm owned 2,930 shares of the real estate investment trust’s stock after selling 481 shares during the quarter. Sage Investment Advisers LLC’s holdings in Simon Property Group were worth $418,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPG. Cascade Investment Group Inc. grew its holdings in 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 during the period. Salem Investment Counselors Inc. grew its holdings in Simon Property Group by 16.6% in the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 80 shares during the period. Schechter Investment Advisors LLC grew its holdings in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the period. Evergreen Capital Management LLC lifted its stake in shares of Simon Property Group by 1.9% in the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after purchasing an additional 85 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its stake in shares of Simon Property Group by 0.9% in the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock valued at $1,369,000 after purchasing an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Down 0.0 %

SPG stock traded down $0.07 during midday trading on Wednesday, hitting $147.88. 1,383,091 shares of the company’s stock were exchanged, compared to its average volume of 1,492,396. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The firm has a 50 day moving average price of $148.08 and a 200-day moving average price of $138.97. The stock has a market capitalization of $48.19 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68.

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 (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. 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 earned $2.74 earnings per share. Simon Property Group’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group announced that its Board of Directors has authorized a share buyback plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s payout ratio is 111.75%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SPG shares. Evercore ISI lifted 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. Morgan Stanley lifted their price objective on 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. Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.