Sumitomo Mitsui Trust Holdings Inc. Sells 79,070 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,586,176 shares of the real estate investment trust's stock after selling 79,070 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.49% of Simon Property Group worth $226,252,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Cowa LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at approximately $107,000. Norges Bank bought a new stake in Simon Property Group during the fourth quarter worth approximately $807,887,000. International Assets Investment Management LLC boosted its stake in Simon Property Group by 13,226.4% in the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust's stock worth $131,312,000 after purchasing an additional 913,678 shares during the period. Geode Capital Management LLC boosted its stake in Simon Property Group by 10.4% in the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust's stock worth $910,337,000 after purchasing an additional 765,146 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Simon Property Group by 527.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust's stock worth $105,899,000 after purchasing an additional 676,627 shares during the period. Institutional investors own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SPG. Piper Sandler increased their target price 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. 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. 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 upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating in a research report on Tuesday, April 9th. Finally, Morgan Stanley boosted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the company an "equal weight" rating in a research report on Monday, February 26th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.22.

Simon Property Group Stock Performance

Shares of Simon Property Group stock traded down $2.42 during trading on Monday, reaching $142.39. The company's stock had a trading volume of 1,236,980 shares, compared to its average volume of 1,521,536. The business's 50-day moving average price is $149.56 and its 200-day moving average price is $134.69. The firm has a market cap of $46.40 billion, a PE ratio of 20.40, a P/E/G ratio of 7.60 and a beta of 1.65. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. 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 data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm 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 business's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.15 EPS. Equities analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

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 given a $1.95 dividend. This is a positive change from Simon Property Group's previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group's dividend payout ratio is presently 111.75%.

Simon Property Group announced that its Board of Directors has initiated a share buyback plan 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 reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

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.