Pinebridge Investments L.P. Sells 89,065 Shares of Simon Property Group, Inc. (NYSE:SPG)

Pinebridge Investments L.P. decreased its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 166,742 shares of the real estate investment trust's stock after selling 89,065 shares during the quarter. Pinebridge Investments L.P. owned 0.05% of Simon Property Group worth $28,715,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SPG. Wilmington Savings Fund Society FSB purchased a new stake in Simon Property Group during the 3rd quarter valued at $834,000. First Hawaiian Bank lifted its holdings in Simon Property Group by 35.0% in the fourth quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust's stock valued at $912,000 after acquiring an additional 1,372 shares during the period. Versant Capital Management Inc grew its stake in shares of Simon Property Group by 72.8% during the 4th quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust's stock valued at $172,000 after purchasing an additional 421 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Simon Property Group by 0.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust's stock worth $101,130,000 after purchasing an additional 3,990 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of Simon Property Group in the fourth quarter worth approximately $416,000. Institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

Shares of SPG traded up $0.63 during mid-day trading on Monday, hitting $157.29. 336,864 shares of the stock were exchanged, compared to its average volume of 1,510,734. The firm has a 50-day moving average of $163.73 and a two-hundred day moving average of $172.09. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The company has a market cap of $51.32 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 10.10 and a beta of 1.45.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. On average, equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were given a $2.10 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a yield of 5.34%. Simon Property Group's dividend payout ratio is presently 115.70%.

Analyst Ratings Changes

Several research analysts have recently weighed in on SPG shares. Jefferies Financial Group upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating and lifted their price target for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Stifel Nicolaus raised Simon Property Group from a "hold" rating to a "buy" rating and set a $168.50 price target for the company in a report on Wednesday, April 9th. Scotiabank reduced their price target on Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. StockNews.com lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Finally, Piper Sandler raised shares of Simon Property Group from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $178.39.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.