The Manufacturers Life Insurance Company Sells 6,533 Shares of Simon Property Group, Inc. (NYSE:SPG)

The Manufacturers Life Insurance Company reduced its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,511 shares of the real estate investment trust's stock after selling 6,533 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Simon Property Group worth $38,491,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPG. Norges Bank acquired a new position in shares of Simon Property Group during the 4th quarter worth approximately $2,059,505,000. Capital World Investors acquired a new position in Simon Property Group during the fourth quarter worth $119,777,000. Hamlin Capital Management LLC bought a new stake in Simon Property Group during the fourth quarter worth $109,403,000. KBC Group NV lifted its stake in Simon Property Group by 170.3% in the fourth quarter. KBC Group NV now owns 880,309 shares of the real estate investment trust's stock valued at $151,597,000 after acquiring an additional 554,605 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Simon Property Group by 14.8% in the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock valued at $726,136,000 after acquiring an additional 542,511 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Price Performance

NYSE SPG traded down $0.42 during midday trading on Tuesday, hitting $160.44. The company had a trading volume of 279,396 shares, compared to its average volume of 1,510,037. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The firm has a 50-day moving average price of $160.64 and a 200-day moving average price of $171.47. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The company has a market capitalization of $52.35 billion, a PE ratio of 22.10, a P/E/G ratio of 10.10 and a beta of 1.43.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SPG shares. Scotiabank dropped their target price on shares of Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. StockNews.com lowered Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Piper Sandler raised Simon Property Group from a "neutral" rating to an "overweight" rating and raised their price target for the company from $175.00 to $205.00 in a report on Wednesday, February 5th. Finally, Stifel Nicolaus upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating and set a $168.50 price objective on the stock in a report on Wednesday, April 9th. 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, the company presently has an average rating of "Moderate Buy" and an average target price 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.