Foundations Investment Advisors LLC Sells 13,587 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Foundations Investment Advisors LLC significantly reduced its stake in Simon Property Group by 43% during Q1, holding 18,047 shares valued at approximately $2.99 million.
• Several institutional investors increased their stakes, with Zurcher Kantonalbank raising its holding by 27.5%, now owning 371,757 shares valued at $61.74 million.
• Simon Property Group has announced a quarterly dividend of $2.10, resulting in an annualized dividend yield of 5.07% and a payout ratio of 133.76%.

Foundations Investment Advisors LLC cut its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 43.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,047 shares of the real estate investment trust's stock after selling 13,587 shares during the quarter. Foundations Investment Advisors LLC's holdings in Simon Property Group were worth $2,997,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Norden Group LLC increased its position in Simon Property Group by 17.0% during the first quarter. Norden Group LLC now owns 10,533 shares of the real estate investment trust's stock worth $1,749,000 after buying an additional 1,529 shares during the last quarter. Alteri Wealth LLC lifted its stake in shares of Simon Property Group by 21.0% in the first quarter. Alteri Wealth LLC now owns 2,657 shares of the real estate investment trust's stock valued at $441,000 after buying an additional 461 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Simon Property Group by 27.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,757 shares of the real estate investment trust's stock valued at $61,741,000 after buying an additional 80,294 shares during the period. Kapitalo Investimentos Ltda lifted its stake in shares of Simon Property Group by 160.4% in the first quarter. Kapitalo Investimentos Ltda now owns 1,703 shares of the real estate investment trust's stock valued at $283,000 after buying an additional 1,049 shares during the period. Finally, TD Asset Management Inc lifted its stake in shares of Simon Property Group by 10.7% in the first quarter. TD Asset Management Inc now owns 139,274 shares of the real estate investment trust's stock valued at $23,131,000 after buying an additional 13,500 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 price target for the company. Piper Sandler cut their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Barclays initiated coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target for the company. Mizuho cut their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of 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. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $182.73.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares in the company, valued at $9,269,881.55. The trade was a 0.91% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gary M. Rodkin acquired 246 shares of Simon Property Group 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 purchase, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 2,386 shares of company stock valued at $380,066. 8.66% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded down $3.12 during midday trading on Friday, reaching $160.67. The company had a trading volume of 2,149,815 shares, compared to its average volume of 1,632,010. 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 has a market capitalization of $52.45 billion, a price-to-earnings ratio of 25.58, a price-to-earnings-growth ratio of 11.17 and a beta of 1.43. The stock has a fifty day simple moving average of $161.81 and a 200 day simple moving average of $165.26. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13.

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 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. Simon Property Group's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.56 earnings per share. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $2.10 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.2%. Simon Property Group's dividend payout ratio (DPR) is presently 133.76%.

Simon Property Group Company 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.