Royal Bank of Canada Boosts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Royal Bank of Canada raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,351,953 shares of the real estate investment trust's stock after acquiring an additional 42,771 shares during the period. Royal Bank of Canada owned approximately 0.41% of Simon Property Group worth $232,820,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Hopwood Financial Services Inc. purchased a new stake in shares of Simon Property Group during the fourth quarter worth approximately $28,000. WR Wealth Planners LLC increased its position in Simon Property Group by 328.2% during the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 128 shares during the period. New England Capital Financial Advisors LLC purchased a new position in Simon Property Group in the fourth quarter worth $30,000. Caisse Des Depots ET Consignations purchased a new position in shares of Simon Property Group in the 4th quarter valued at about $31,000. Finally, TCTC Holdings LLC acquired a new stake in shares of Simon Property Group in the fourth quarter valued at about $34,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on SPG. Scotiabank lowered their target price on shares of Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler upgraded Simon Property Group from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. StockNews.com downgraded Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Finally, Stifel Nicolaus boosted 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. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Simon Property Group has an average rating of "Moderate Buy" and a consensus price target of $179.67.

Simon Property Group Price Performance

Simon Property Group stock traded down $4.69 during midday trading on Wednesday, reaching $158.25. 2,158,119 shares of the company were exchanged, compared to its average volume of 1,537,650. The company has a market capitalization of $51.66 billion, a price-to-earnings ratio of 21.80, a P/E/G ratio of 10.10 and a beta of 1.43. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The firm's 50-day simple moving average is $158.13 and its 200-day simple moving average is $170.81. 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 results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping analysts' consensus estimates 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 41.49% and a return on equity of 74.02%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.56 earnings per share. On average, analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently declared 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. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date is Monday, June 9th. Simon Property Group's dividend payout ratio is presently 133.76%.

Simon Property Group 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.