Minneapolis Portfolio Management Group LLC Trims Stake in Simon Property Group, Inc. (NYSE:SPG)

Minneapolis Portfolio Management Group LLC lessened its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,449 shares of the real estate investment trust's stock after selling 1,789 shares during the quarter. Simon Property Group comprises 4.1% of Minneapolis Portfolio Management Group LLC's portfolio, making the stock its 11th biggest holding. Minneapolis Portfolio Management Group LLC owned approximately 0.05% of Simon Property Group worth $29,471,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Concurrent Investment Advisors LLC grew its stake in shares of Simon Property Group by 10.5% in the 1st quarter. Concurrent Investment Advisors LLC now owns 51,080 shares of the real estate investment trust's stock worth $8,483,000 after buying an additional 4,868 shares in the last quarter. World Investment Advisors grew its position in Simon Property Group by 26.5% in the first quarter. World Investment Advisors now owns 4,907 shares of the real estate investment trust's stock worth $815,000 after acquiring an additional 1,029 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Simon Property Group in the 1st quarter worth approximately $76,000. Strategic Blueprint LLC purchased a new position in shares of Simon Property Group in the 1st quarter worth approximately $1,139,000. Finally, Brookstone Capital Management boosted its holdings in shares of Simon Property Group by 11.4% in the 1st quarter. Brookstone Capital Management now owns 24,215 shares of the real estate investment trust's stock worth $4,022,000 after purchasing an additional 2,487 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 0.3%

Shares of SPG traded down $0.46 during mid-day trading on Wednesday, hitting $162.99. The company's stock had a trading volume of 1,422,186 shares, compared to its average volume of 1,665,470. The company's 50-day moving average is $161.11 and its 200-day moving average is $166.29. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The firm has a market capitalization of $53.20 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 9.20 and a beta of 1.43. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.56 EPS. On average, equities research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.15%. The ex-dividend date was Monday, June 9th. Simon Property Group's payout ratio is 133.76%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Glyn Aeppel acquired 234 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the acquisition, the director owned 19,057 shares in the company, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stefan M. Selig acquired 219 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $34,884.51. Following the acquisition, the director owned 31,881 shares in the company, valued at approximately $5,078,324.49. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 2,386 shares of company stock valued at $380,066 over the last three months. Company insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

SPG has been the subject of several recent analyst reports. Stifel Nicolaus boosted their target price on Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Mizuho dropped their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Scotiabank boosted their price objective on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Piper Sandler lowered their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Finally, Barclays began coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $178.50.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.