SteelPeak Wealth LLC Lowers Position in Simon Property Group, Inc. (NYSE:SPG)

SteelPeak Wealth LLC decreased its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 93.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,267 shares of the real estate investment trust's stock after selling 96,424 shares during the period. SteelPeak Wealth LLC's holdings in Simon Property Group were worth $894,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. All Season Financial Advisors Inc. purchased a new position in Simon Property Group in the 4th quarter worth about $257,000. First Bancorp Inc ME bought a new position in Simon Property Group in the 4th quarter worth approximately $218,000. Camelot Portfolios LLC boosted its stake in Simon Property Group by 42.8% in the 4th quarter. Camelot Portfolios LLC now owns 2,887 shares of the real estate investment trust's stock worth $412,000 after purchasing an additional 865 shares during the period. Ballentine Partners LLC boosted its stake in Simon Property Group by 21.1% in the 4th quarter. Ballentine Partners LLC now owns 3,922 shares of the real estate investment trust's stock worth $559,000 after purchasing an additional 684 shares during the period. Finally, Vanderbilt University boosted its stake in Simon Property Group by 25.9% in the 4th quarter. Vanderbilt University now owns 13,784 shares of the real estate investment trust's stock worth $1,966,000 after purchasing an additional 2,834 shares during the period. Institutional investors own 93.01% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Evercore ISI increased their price target on Simon Property Group from $142.00 to $150.00 and gave the company an "in-line" rating in a report on Wednesday, February 28th. Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a research note on Friday, March 22nd. Piper Sandler lifted their target price on Simon Property Group from $148.00 to $172.00 and gave the company an "overweight" rating in a research note on Wednesday, December 20th. Morgan Stanley lifted their target price on Simon Property Group from $143.00 to $145.00 and gave the company an "equal weight" rating in a research note on Monday, February 26th. Finally, StockNews.com lowered Simon Property Group from a "buy" rating to a "hold" rating in a research note on Friday, March 29th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $140.22.

Simon Property Group Stock Up 1.5 %

Shares of SPG stock traded up $2.20 during trading hours on Friday, reaching $150.15. 862,364 shares of the company's stock were exchanged, compared to its average volume of 1,550,211. The stock's fifty day moving average price is $148.58 and its two-hundred day moving average price is $132.87. The stock has a market cap of $48.93 billion, a PE ratio of 21.19, a PEG ratio of 7.86 and a beta of 1.65. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company's revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.15 earnings per share. Research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group declared that its board has authorized a share repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were issued a $1.95 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.19%. The ex-dividend date was Thursday, March 7th. Simon Property Group's dividend payout ratio is presently 111.75%.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.