tru Independence LLC Has $4.37 Million Holdings in Simon Property Group, Inc. (NYSE:SPG)

tru Independence LLC trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 36.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,300 shares of the real estate investment trust's stock after selling 15,264 shares during the period. tru Independence LLC's holdings in Simon Property Group were worth $4,368,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Simon Property Group in the 4th quarter valued at about $2,059,505,000. Geode Capital Management LLC lifted its stake in shares of Simon Property Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock valued at $1,577,600,000 after purchasing an additional 230,982 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Simon Property Group by 45.9% in the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after purchasing an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Simon Property Group by 5.5% in the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock valued at $811,202,000 after purchasing an additional 246,630 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Simon Property Group by 14.8% in the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock valued at $726,136,000 after purchasing an additional 542,511 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of SPG traded down $1.47 during trading hours on Friday, reaching $161.98. 488,964 shares of the company's stock traded hands, compared to its average volume of 1,544,216. The firm has a market capitalization of $52.87 billion, a price-to-earnings ratio of 25.79, a P/E/G ratio of 9.09 and a beta of 1.43. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The business's fifty day simple moving average is $161.32 and its two-hundred day simple moving average is $166.21.

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, beating analysts' consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $3.56 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date of this dividend was Monday, June 9th. Simon Property Group's payout ratio is currently 133.76%.

Insider Activity

In related news, Director Daniel C. Smith purchased 378 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the transaction, the director directly owned 31,998 shares of the company's stock, valued at $5,096,961.42. This trade represents a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Glyn Aeppel purchased 234 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $37,273.86. Following the transaction, the director directly owned 19,057 shares in the company, valued at $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 2,386 shares of company stock valued at $380,066 over the last quarter. Insiders own 8.66% of the company's stock.

Wall Street Analyst Weigh In

SPG has been the topic of several recent research reports. Stifel Nicolaus boosted their price target 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. Barclays began coverage on 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. Wall Street Zen lowered Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. JPMorgan Chase & Co. dropped their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, Piper Sandler dropped 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $178.50.

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.