Red Cedar Investment Management LLC Takes $1.03 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Red Cedar Investment Management LLC purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,234 shares of the real estate investment trust's stock, valued at approximately $1,032,000.

Several other hedge funds also recently made changes to their positions in SPG. International Assets Investment Management LLC boosted its stake in shares of Simon Property Group by 13,226.4% during 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 acquiring an additional 913,678 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the third quarter valued at $69,423,000. Duff & Phelps Investment Management Co. raised its position in shares of Simon Property Group by 160.1% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust's stock valued at $108,887,000 after purchasing an additional 469,855 shares during the period. American Century Companies Inc. lifted its stake in shares of Simon Property Group by 65.3% during the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust's stock worth $92,278,000 after buying an additional 337,430 shares during the last quarter. Finally, Sapient Capital LLC bought a new stake in shares of Simon Property Group during the 4th quarter worth about $39,969,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $1.57 during midday trading on Friday, hitting $142.93. The stock had a trading volume of 1,257,436 shares, compared to its average volume of 1,222,757. The company's 50-day moving average price is $148.21 and its 200-day moving average price is $138.41. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two 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. The company has a market capitalization of $46.58 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 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 the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm's revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company posted $3.15 EPS. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group declared that its Board of Directors has approved a share repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding 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 programs are usually an indication that the company's board believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.46%. This is a positive change from Simon Property Group's previous quarterly dividend of $1.90. Simon Property Group's payout ratio is currently 111.75%.

Analysts Set New Price Targets

Several brokerages have issued reports on SPG. Morgan Stanley raised their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an "equal weight" rating in a research report on Monday, February 26th. Evercore ISI boosted their price target on Simon Property Group from $142.00 to $150.00 and gave the company an "in-line" rating in a research note on Wednesday, February 28th. Truist Financial upped their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a report on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $140.22.

Simon Property Group Company 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.