Synovus Financial Corp reduced its stake in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 8.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,263 shares of the real estate investment trust’s stock after selling 295 shares during the period. Synovus Financial Corp’s holdings in Simon Property Group were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. CENTRAL TRUST Co grew its stake in shares of Simon Property Group by 18.8% in the 1st quarter. CENTRAL TRUST Co now owns 980 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 155 shares during the period. Tcwp LLC acquired a new position in shares of Simon Property Group in the 1st quarter worth approximately $59,000. Advisor Group Holdings Inc. boosted its holdings in shares of Simon Property Group by 8.8% in the 1st quarter. Advisor Group Holdings Inc. now owns 113,956 shares of the real estate investment trust’s stock worth $15,143,000 after acquiring an additional 9,211 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Simon Property Group by 0.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 51,376 shares of the real estate investment trust’s stock worth $4,878,000 after acquiring an additional 356 shares in the last quarter. Finally, Advisory Services Network LLC boosted its holdings in shares of Simon Property Group by 32.4% in the 2nd quarter. Advisory Services Network LLC now owns 20,755 shares of the real estate investment trust’s stock worth $1,970,000 after acquiring an additional 5,080 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently commented on SPG shares. Morgan Stanley reduced their target price on Simon Property Group from $133.00 to $131.00 and set an “overweight” rating on the stock in a report on Monday, August 29th. StockNews.com initiated coverage on Simon Property Group in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler reduced their price objective on Simon Property Group from $130.00 to $123.00 and set an “overweight” rating on the stock in a report on Friday, October 7th. UBS Group upped their price objective on Simon Property Group from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 2nd. Finally, Evercore ISI reduced their price objective on Simon Property Group to $114.00 in a report on Thursday, October 20th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus price target of $131.92.
Simon Property Group Stock Performance
Simon Property Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be given a dividend of $1.80 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date is Thursday, December 8th. This represents a $7.20 annualized dividend and a dividend yield of 6.11%. Simon Property Group’s payout ratio is presently 116.86%.
Simon Property Group 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.
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