Ritholtz Wealth Management Lowers Position in Simon Property Group, Inc. (NYSE:SPG)

Ritholtz Wealth Management lowered its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 9,042 shares of the real estate investment trust's stock after selling 2,026 shares during the quarter. Ritholtz Wealth Management's holdings in Simon Property Group were worth $1,502,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SPG. Hopwood Financial Services Inc. purchased a new stake in Simon Property Group in the 4th quarter worth approximately $28,000. WR Wealth Planners LLC raised its position in shares of Simon Property Group by 328.2% in the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 128 shares in the last quarter. New England Capital Financial Advisors LLC bought a new position in shares of Simon Property Group in the 4th quarter worth approximately $30,000. Caisse Des Depots ET Consignations bought a new position in shares of Simon Property Group in the 4th quarter worth approximately $31,000. Finally, TCTC Holdings LLC bought a new position in shares of Simon Property Group in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Down 0.1%

SPG traded down $0.16 during trading on Wednesday, hitting $156.97. 1,476,013 shares of the company's stock traded hands, compared to its average volume of 1,546,177. The company's 50 day simple moving average is $158.24 and its two-hundred day simple moving average is $168.08. 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, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The stock has a market capitalization of $51.24 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 8.76 and a beta of 1.47.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results 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. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the business posted $3.56 EPS. The company's revenue was up 2.1% compared to the same quarter last year. Analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.35%. Simon Property Group's dividend payout ratio is 133.76%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPG. JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Mizuho decreased their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research report on Tuesday, June 10th. Piper Sandler decreased their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Stifel Nicolaus increased their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen lowered Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $179.44.

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.