Simmons Bank Sells 119 Shares of Simon Property Group, Inc. (NYSE:SPG)

Simmons Bank reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,056 shares of the real estate investment trust’s stock after selling 119 shares during the period. Simmons Bank’s holdings in Simon Property Group were worth $293,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Northern Trust Corp increased its stake in shares of Simon Property Group by 1.9% in the third quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock valued at $512,624,000 after buying an additional 86,778 shares during the period. Charles Schwab Investment Management Inc. increased its position in Simon Property Group by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock valued at $504,611,000 after purchasing an additional 72,645 shares during the period. Invesco Ltd. raised its holdings in Simon Property Group by 3.1% during the 3rd quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock worth $260,265,000 after purchasing an additional 71,751 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Simon Property Group by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 2,128,104 shares of the real estate investment trust’s stock worth $229,897,000 after purchasing an additional 26,491 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Simon Property Group by 5.9% in the 3rd quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock valued at $203,866,000 after purchasing an additional 105,606 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Simon Property Group Stock Down 0.1 %

Shares of NYSE:SPG traded down $0.17 during trading on Wednesday, reaching $147.78. 831,068 shares of the stock were exchanged, compared to its average volume of 1,485,727. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The stock has a fifty day moving average of $148.08 and a two-hundred day moving average of $138.97. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $48.16 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 released 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 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 analyst estimates of $1.31 billion. During the same quarter in the previous year, the company posted $2.74 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared 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. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.41%. Simon Property Group’s dividend payout ratio (DPR) is presently 111.75%.

Simon Property Group announced that its Board of Directors has approved 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 purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.