Pacific Heights Asset Management LLC Sells 400,000 Shares of Simon Property Group, Inc. (NYSE:SPG)

Pacific Heights Asset Management LLC lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 80.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,000 shares of the real estate investment trust's stock after selling 400,000 shares during the quarter. Simon Property Group makes up 1.1% of Pacific Heights Asset Management LLC's holdings, making the stock its 23rd biggest position. Pacific Heights Asset Management LLC's holdings in Simon Property Group were worth $16,608,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC acquired a new stake in shares of Simon Property Group during the 4th quarter worth about $295,000. Modera Wealth Management LLC raised its holdings in Simon Property Group by 14.2% in the 4th quarter. Modera Wealth Management LLC now owns 1,621 shares of the real estate investment trust's stock valued at $279,000 after acquiring an additional 201 shares during the period. Mission Wealth Management LP lifted its position in Simon Property Group by 8.6% during the fourth quarter. Mission Wealth Management LP now owns 1,974 shares of the real estate investment trust's stock worth $340,000 after acquiring an additional 157 shares during the last quarter. Meridian Wealth Management LLC boosted its holdings in shares of Simon Property Group by 7.2% during the fourth quarter. Meridian Wealth Management LLC now owns 2,422 shares of the real estate investment trust's stock worth $413,000 after acquiring an additional 163 shares during the period. Finally, Keybank National Association OH grew its position in shares of Simon Property Group by 3.6% in the fourth quarter. Keybank National Association OH now owns 6,310 shares of the real estate investment trust's stock valued at $1,087,000 after purchasing an additional 220 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. Wall Street Zen downgraded Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Barclays initiated coverage on shares of Simon Property Group in a research note on Wednesday. They issued an "equal weight" rating and a $170.00 price objective for the company. Mizuho lowered their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. JPMorgan Chase & Co. cut their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Piper Sandler reduced their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $178.50.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Gary M. Rodkin bought 246 shares of the stock in a transaction on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the acquisition, the director owned 19,010 shares in the company, valued at $3,028,102.90. This trade represents a 1.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stefan M. Selig purchased 219 shares of the business's stock in a transaction on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $34,884.51. Following the completion of the acquisition, the director directly owned 31,881 shares in the company, valued at approximately $5,078,324.49. This represents a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,386 shares of company stock worth $380,066 over the last three months. 8.66% of the stock is owned by corporate insiders.

Simon Property Group Trading Up 0.4%

SPG opened at $166.47 on Friday. The company has a market cap of $54.34 billion, a P/E ratio of 26.51, a PEG ratio of 9.25 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. The company's 50 day moving average is $160.66 and its 200-day moving average is $166.50. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.14.

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 EPS for the quarter, beating the consensus estimate of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.56 EPS. Equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.05%. The ex-dividend date was Monday, June 9th. Simon Property Group's dividend payout ratio (DPR) is 133.76%.

About Simon Property Group

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.

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