J.W. Cole Advisors Inc. Cuts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

J.W. Cole Advisors Inc. trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPGGet Rating) by 29.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,239 shares of the real estate investment trust’s stock after selling 932 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Simon Property Group were worth $295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Simon Property Group by 8.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 53,342 shares of the real estate investment trust’s stock worth $7,019,000 after purchasing an additional 3,953 shares during the period. Ninety One UK Ltd raised its stake in shares of Simon Property Group by 14.5% during the 1st quarter. Ninety One UK Ltd now owns 125,742 shares of the real estate investment trust’s stock worth $16,543,000 after purchasing an additional 15,878 shares during the period. M Holdings Securities Inc. bought a new stake in shares of Simon Property Group during the 1st quarter worth $397,000. Advisory Services Network LLC raised its stake in shares of Simon Property Group by 89.1% during the 1st quarter. Advisory Services Network LLC now owns 15,675 shares of the real estate investment trust’s stock worth $2,061,000 after purchasing an additional 7,386 shares during the period. Finally, Castellan Group raised its stake in shares of Simon Property Group by 27.0% during the 1st quarter. Castellan Group now owns 24,691 shares of the real estate investment trust’s stock worth $3,248,000 after purchasing an additional 5,251 shares during the period. 81.86% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 2.0 %

Shares of NYSE SPG opened at $98.32 on Wednesday. Simon Property Group, Inc. has a 12 month low of $93.06 and a 12 month high of $171.12. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 7.13. The firm has a market capitalization of $33.71 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.90 and a beta of 1.49. The business has a 50-day moving average of $104.81 and a 200-day moving average of $112.58.

Simon Property Group (NYSE:SPGGet Rating) last issued its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.51 EPS for the quarter, topping the consensus estimate of $1.43 by $0.08. Simon Property Group had a return on equity of 56.93% and a net margin of 40.59%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm earned $2.92 earnings per share. Simon Property Group’s revenue was up 2.0% on a year-over-year basis. Sell-side analysts expect that Simon Property Group, Inc. will post 11.66 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be issued a dividend of $1.75 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $7.00 annualized dividend and a dividend yield of 7.12%. Simon Property Group’s payout ratio is presently 109.20%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Truist Financial lowered their target price on Simon Property Group from $130.00 to $125.00 and set a “hold” rating on the stock in a research note on Monday, August 15th. Morgan Stanley lowered their price objective on Simon Property Group from $133.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, August 29th. Mizuho lowered their price objective on Simon Property Group from $158.00 to $115.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 3rd. Compass Point lowered their price objective on Simon Property Group from $200.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. Finally, Jefferies Financial Group cut Simon Property Group from a “buy” rating to a “hold” rating and lowered their price objective for the company from $160.00 to $100.00 in a research note on Thursday, June 30th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and an average target price of $142.29.

Simon Property Group Profile

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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.

See Also

Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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