Simon Property Group, Inc. (NYSE:SPG) Position Cut by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPGFree Report) by 86.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 294,671 shares of the real estate investment trust’s stock after selling 1,835,234 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.09% of Simon Property Group worth $31,833,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Banque Cantonale Vaudoise boosted its position in Simon Property Group by 12.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 9,805 shares of the real estate investment trust’s stock worth $1,059,000 after acquiring an additional 1,116 shares during the period. PGGM Investments boosted its position in Simon Property Group by 5.7% during the 3rd quarter. PGGM Investments now owns 1,210,360 shares of the real estate investment trust’s stock worth $130,755,000 after acquiring an additional 64,985 shares during the period. Amalgamated Bank boosted its position in Simon Property Group by 4.7% during the 3rd quarter. Amalgamated Bank now owns 86,999 shares of the real estate investment trust’s stock worth $9,399,000 after acquiring an additional 3,938 shares during the period. Banco Santander S.A. acquired a new stake in Simon Property Group during the 3rd quarter worth about $328,000. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Simon Property Group during the 3rd quarter worth about $69,423,000. 84.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPG has been the subject of several research reports. Morgan Stanley lowered Simon Property Group from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $132.00 to $143.00 in a report on Thursday, December 21st. Stifel Nicolaus reduced their price target on Simon Property Group from $139.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, October 31st. Piper Sandler lifted their price target on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Truist Financial lifted their price target on Simon Property Group from $128.00 to $139.00 and gave the company a “hold” rating in a report on Tuesday, January 16th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $137.75.

Get Our Latest Stock Report on Simon Property Group

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $146.93 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The business’s 50 day moving average is $141.16 and its two-hundred day moving average is $123.74. The company has a market cap of $47.94 billion, a P/E ratio of 21.05, a P/E/G ratio of 6.92 and a beta of 1.65. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $147.37.

Simon Property Group (NYSE:SPGGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.15 earnings per share. On average, equities analysts expect that Simon Property Group, Inc. will post 12.04 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 8th will be given a dividend of $1.95 per share. The ex-dividend date is Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.31%. Simon Property Group’s payout ratio is currently 108.88%.

About Simon Property Group

(Free Report)

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.

Further Reading

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

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