Sumitomo Mitsui Trust Group Inc. Sells 53,950 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,424,256 shares of the real estate investment trust's stock after selling 53,950 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.44% of Simon Property Group worth $236,540,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in Simon Property Group during the fourth quarter valued at approximately $2,059,505,000. Geode Capital Management LLC lifted its holdings in shares of Simon Property Group by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock worth $1,577,600,000 after acquiring an additional 230,982 shares during the period. Northern Trust Corp lifted its holdings in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock worth $940,758,000 after acquiring an additional 1,718,398 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Simon Property Group by 5.5% in the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock worth $811,202,000 after acquiring an additional 246,630 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Simon Property Group by 14.8% in the fourth quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock worth $726,136,000 after acquiring an additional 542,511 shares during the last quarter. Institutional investors own 93.01% of the company's stock.

Simon Property Group Trading Down 0.1%

NYSE SPG traded down $0.18 during trading hours on Friday, reaching $160.42. The company's stock had a trading volume of 2,028,837 shares, compared to its average volume of 1,534,943. The stock has a market cap of $52.36 billion, a P/E ratio of 25.54, a P/E/G ratio of 8.95 and a beta of 1.47. The firm has a fifty day simple moving average of $159.68 and a 200-day simple moving average of $166.84. 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 52 week low of $136.34 and a 52 week high of $190.14.

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 EPS for the quarter, topping the consensus estimate of $2.91 by $0.04. The company 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 35.98% and a return on equity of 67.32%. The company's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.56 EPS. Equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 5.24%. The ex-dividend date is Monday, June 9th. Simon Property Group's payout ratio is currently 133.76%.

Analyst Ratings Changes

SPG has been the subject of several analyst reports. Wall Street Zen cut shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Piper Sandler decreased their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Stifel Nicolaus upped 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 note on Tuesday, May 13th. Scotiabank upped their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research note on Tuesday, June 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $179.44.

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.