Rhumbline Advisers Lowers Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Rhumbline Advisers lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 5.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 685,513 shares of the real estate investment trust's stock after selling 40,493 shares during the period. Rhumbline Advisers owned about 0.21% of Simon Property Group worth $113,850,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pitcairn Co. grew its stake in shares of Simon Property Group by 0.6% in the fourth quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust's stock valued at $1,704,000 after buying an additional 55 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 57 shares during the period. Childress Capital Advisors LLC grew its position in Simon Property Group by 3.6% in the 4th quarter. Childress Capital Advisors LLC now owns 1,689 shares of the real estate investment trust's stock valued at $291,000 after acquiring an additional 58 shares in the last quarter. Global X Japan Co. Ltd. grew its position in Simon Property Group by 9.9% in the 4th quarter. Global X Japan Co. Ltd. now owns 655 shares of the real estate investment trust's stock valued at $113,000 after acquiring an additional 59 shares in the last quarter. Finally, HighPoint Advisor Group LLC increased its stake in Simon Property Group by 1.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust's stock worth $626,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Up 0.0%

Shares of NYSE SPG traded up $0.04 during midday trading on Wednesday, hitting $161.82. 481,544 shares of the company's stock were exchanged, compared to its average volume of 1,547,500. The firm's fifty day simple moving average is $157.17 and its 200-day simple moving average is $169.64. The company has a market cap of $52.82 billion, a PE ratio of 22.29, a P/E/G ratio of 10.10 and a beta of 1.43. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter last year, the company earned $3.56 earnings per share. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. Research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group's payout ratio is 133.76%.

Analyst Ratings Changes

Several research firms have recently commented on SPG. Piper Sandler lowered their price objective 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. Wall Street Zen lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Stifel Nicolaus raised their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Scotiabank cut their price objective on 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. Finally, JPMorgan Chase & Co. reduced 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $179.20.

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.