Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,794 shares of the real estate investment trust's stock after selling 14,628 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.09% of Simon Property Group worth $47,410,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPG. Brighton Jones LLC acquired a new stake in shares of Simon Property Group during the 4th quarter worth about $295,000. NewEdge Wealth LLC increased its position in shares of Simon Property Group by 15.9% during the 4th quarter. NewEdge Wealth LLC now owns 9,647 shares of the real estate investment trust's stock worth $1,661,000 after purchasing an additional 1,320 shares during the last quarter. Kovack Advisors Inc. increased its position in shares of Simon Property Group by 11.4% during the 4th quarter. Kovack Advisors Inc. now owns 1,568 shares of the real estate investment trust's stock worth $270,000 after purchasing an additional 160 shares during the last quarter. Private Trust Co. NA increased its position in shares of Simon Property Group by 41.5% during the 4th quarter. Private Trust Co. NA now owns 2,978 shares of the real estate investment trust's stock worth $513,000 after purchasing an additional 874 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in shares of Simon Property Group during the 4th quarter worth about $634,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SPG shares. Stifel Nicolaus raised their price objective 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. Wall Street Zen cut Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Scotiabank raised their target price 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. JPMorgan Chase & Co. lowered their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Piper Sandler lowered their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $179.44.

Simon Property Group Stock Performance

Shares of SPG opened at $160.42 on Monday. The stock has a 50-day simple moving average of $159.68 and a 200-day simple moving average of $166.76. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $52.36 billion, a PE ratio of 25.54, a PEG ratio of 8.95 and a beta of 1.47. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $200.00.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (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 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 business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.56 EPS. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 5.24%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group's payout ratio is 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.

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