Soltis Investment Advisors LLC Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Soltis Investment Advisors LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 30.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,745 shares of the real estate investment trust's stock after selling 18,455 shares during the quarter. Soltis Investment Advisors LLC's holdings in Simon Property Group were worth $5,954,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Sequoia Financial Advisors LLC raised its position in shares of Simon Property Group by 66.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,034 shares of the real estate investment trust's stock valued at $861,000 after purchasing an additional 2,406 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Simon Property Group in the 4th quarter valued at approximately $74,000. Dearborn Partners LLC purchased a new position in Simon Property Group during the 4th quarter worth approximately $229,000. Bleakley Financial Group LLC raised its position in Simon Property Group by 6.1% during the 4th quarter. Bleakley Financial Group LLC now owns 5,955 shares of the real estate investment trust's stock worth $849,000 after buying an additional 340 shares during the last quarter. Finally, Meeder Advisory Services Inc. raised its position in Simon Property Group by 7.4% during the 4th quarter. Meeder Advisory Services Inc. now owns 6,977 shares of the real estate investment trust's stock worth $995,000 after buying an additional 482 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPG has been the subject of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a "buy" rating in a research report on Thursday, December 21st. StockNews.com lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Friday, March 29th. Truist Financial raised their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a "hold" rating in a research report on Friday, March 22nd. Piper Sandler raised their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 20th. Finally, Evercore ISI raised their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 28th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $140.22.

Simon Property Group Stock Performance

Shares of NYSE SPG traded down $0.17 during midday trading on Tuesday, reaching $150.19. 1,006,501 shares of the stock were exchanged, compared to its average volume of 1,534,960. The firm has a market cap of $48.95 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 7.88 and a beta of 1.65. Simon Property Group, Inc. has a twelve month low of $100.17 and a twelve month high of $157.82. The firm has a 50-day simple moving average of $148.92 and a two-hundred day simple moving average of $133.66. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG - Get Free Report) last released 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). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the business posted $3.15 EPS. Simon Property Group's revenue was up 9.1% compared to the same quarter last year. As a group, analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group announced that its board has initiated a share repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Simon Property Group Increases Dividend

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

About Simon Property Group

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.

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