Shell Asset Management Co. Sells 3,339 Shares of Simon Property Group, Inc. (NYSE:SPG)

Shell Asset Management Co. trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 59.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,296 shares of the real estate investment trust’s stock after selling 3,339 shares during the quarter. Shell Asset Management Co.’s holdings in Simon Property Group were worth $270,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. increased its holdings in Simon Property Group by 5.6% in the 3rd quarter. BlackRock Inc. now owns 35,534,798 shares of the real estate investment trust’s stock worth $3,189,248,000 after buying an additional 1,886,532 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Simon Property Group by 4.9% during the 3rd quarter. Cohen & Steers Inc. now owns 24,414,736 shares of the real estate investment trust’s stock valued at $2,191,087,000 after purchasing an additional 1,135,612 shares during the period. Cowa LLC bought a new stake in shares of Simon Property Group during the 1st quarter valued at about $107,000. Daiwa Securities Group Inc. grew its stake in shares of Simon Property Group by 7.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,693,803 shares of the real estate investment trust’s stock valued at $421,269,000 after purchasing an additional 333,220 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Simon Property Group by 53.4% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,978,238 shares of the real estate investment trust’s stock valued at $357,050,000 after buying an additional 1,385,651 shares in the last quarter. 83.89% of the stock is currently owned by institutional investors.

Simon Property Group Stock Performance

NYSE SPG opened at $108.00 on Tuesday. The company has a market cap of $35.31 billion, a P/E ratio of 16.36, a P/E/G ratio of 2.66 and a beta of 1.51. The company has a debt-to-equity ratio of 7.50, a quick ratio of 1.43 and a current ratio of 1.43. The business’s 50 day moving average price is $111.16 and its 200-day moving average price is $116.47. Simon Property Group, Inc. has a fifty-two week low of $86.02 and a fifty-two week high of $133.08.

Simon Property Group (NYSE:SPG – Get Rating) last announced its quarterly earnings data on Monday, February 6th. The real estate investment trust reported $2.06 EPS for the quarter, missing the consensus estimate of $3.14 by ($1.08). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.29 billion. Simon Property Group had a net margin of 40.49% and a return on equity of 62.26%. The business’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $3.09 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 11.93 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 9th will be paid a dividend of $1.85 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $7.40 annualized dividend and a dividend yield of 6.85%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. Simon Property Group’s dividend payout ratio (DPR) is currently 109.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Simon Property Group from $130.00 to $145.00 in a research report on Tuesday, January 17th. Truist Financial boosted their price target on Simon Property Group from $125.00 to $130.00 and gave the stock a “hold” rating in a report on Tuesday, February 21st. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Stifel Nicolaus lowered their price target on Simon Property Group from $135.00 to $129.50 in a report on Wednesday, May 3rd. Finally, Mizuho lowered their price target on Simon Property Group from $130.00 to $116.00 in a report on Monday, March 13th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $128.46.

Insider Activity

In related news, Director Karen N. Horn acquired 551 shares of the company’s stock in a transaction that occurred on Friday, March 31st. The shares were bought at an average price of $109.33 per share, with a total value of $60,240.83. Following the completion of the transaction, the director now directly owns 34,079 shares in the company, valued at $3,725,857.07. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.58% of the company’s stock.

Simon Property Group Company Profile

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.