Allstate Corp Sells 22,075 Shares of Simon Property Group, Inc. (NYSE:SPG)

Allstate Corp trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 20.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,778 shares of the real estate investment trust's stock after selling 22,075 shares during the quarter. Simon Property Group comprises about 0.8% of Allstate Corp's holdings, making the stock its 13th largest position. Allstate Corp's holdings in Simon Property Group were worth $12,093,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Simon Property Group in the 3rd quarter worth about $33,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Simon Property Group in the 4th quarter worth about $34,000. Bruce G. Allen Investments LLC purchased a new position in shares of Simon Property Group in the 4th quarter worth about $41,000. Highlander Capital Management LLC boosted its holdings in shares of Simon Property Group by 183.5% in the 4th quarter. Highlander Capital Management LLC now owns 309 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 200 shares in the last quarter. Finally, Anchor Investment Management LLC purchased a new position in shares of Simon Property Group in the 4th quarter worth about $46,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 1.2 %

Shares of NYSE:SPG traded down $1.80 during trading on Wednesday, hitting $146.17. The stock had a trading volume of 734,378 shares, compared to its average volume of 1,462,914. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The company has a market capitalization of $47.64 billion, a PE ratio of 18.74, a PEG ratio of 7.58 and a beta of 1.68. The firm's fifty day moving average is $147.66 and its 200 day moving average is $141.76. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the company posted $2.74 EPS. The firm's revenue was up 6.8% on a year-over-year basis. Analysts anticipate that Simon Property Group, Inc. will post 12.87 EPS for the current fiscal year.

Simon Property Group declared that its board has authorized a share buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $2.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.47%. This is a positive change from Simon Property Group's previous quarterly dividend of $1.95. Simon Property Group's dividend payout ratio is currently 99.36%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SPG shares. StockNews.com upgraded Simon Property Group from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Evercore ISI increased their target price 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 increased their target price on Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a report on Friday, March 22nd. Scotiabank increased their target price on Simon Property Group from $142.00 to $152.00 and gave the company a "sector perform" rating in a report on Thursday, May 16th. Finally, Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the company an "equal weight" rating in a report on Monday, February 26th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.40.

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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