Smead Capital Management Inc. Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Smead Capital Management Inc. reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,300,976 shares of the real estate investment trust's stock after selling 38,930 shares during the period. Simon Property Group accounts for about 5.9% of Smead Capital Management Inc.'s investment portfolio, making the stock its 4th largest position. Smead Capital Management Inc. owned about 0.71% of Simon Property Group worth $328,211,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SPG. AMI Investment Management Inc. boosted its stake in shares of Simon Property Group by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust's stock worth $2,312,000 after purchasing an additional 204 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of Simon Property Group by 9.8% in the first quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust's stock worth $544,000 after acquiring an additional 371 shares during the last quarter. Blair William & Co. IL boosted its position in shares of Simon Property Group by 56.8% in the first quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust's stock worth $7,271,000 after acquiring an additional 20,022 shares during the last quarter. Prudential PLC acquired a new stake in shares of Simon Property Group in the first quarter worth approximately $642,000. Finally, Dakota Wealth Management acquired a new stake in shares of Simon Property Group in the first quarter worth approximately $390,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of NYSE SPG traded down $0.58 during midday trading on Thursday, reaching $140.36. 1,045,915 shares of the company traded hands, compared to its average volume of 1,504,835. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The stock has a 50-day moving average price of $149.56 and a 200 day moving average price of $135.19. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The company has a market cap of $45.74 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 7.36 and a beta of 1.65.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share 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 for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm earned $3.15 earnings per share. Simon Property Group's revenue for the quarter was up 9.1% compared to the same quarter last year. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group announced that its Board of Directors has approved a stock repurchase program on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a dividend of $1.95 per share. This is a boost from Simon Property Group's previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date was Thursday, March 7th. Simon Property Group's payout ratio is currently 111.75%.

Wall Street Analysts Forecast Growth

SPG has been the topic of several research analyst reports. The Goldman Sachs Group raised their target price 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. Truist Financial raised their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a report on Friday, March 22nd. Evercore ISI raised their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an "in-line" rating in a report on Wednesday, February 28th. Morgan Stanley raised 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 report on Monday, February 26th. Finally, Piper Sandler raised their price target on shares of Simon Property Group from $148.00 to $172.00 and gave the company an "overweight" rating in a report on Wednesday, December 20th. Four 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 "Moderate Buy" and a consensus target price of $140.22.

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.