Mutual of America Capital Management LLC trimmed its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,786 shares of the real estate investment trust’s stock after selling 1,247 shares during the period. Mutual of America Capital Management LLC’s holdings in Simon Property Group were worth $4,946,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of SPG. Arlington Trust Co LLC purchased a new position in shares of Simon Property Group in the 3rd quarter valued at $25,000. DT Investment Partners LLC grew its position in Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares during the last quarter. Nemes Rush Group LLC purchased a new position in Simon Property Group during the 2nd quarter worth $26,000. Selway Asset Management purchased a new position in Simon Property Group during the 3rd quarter worth $26,000. Finally, Financial Freedom LLC purchased a new position in Simon Property Group during the 4th quarter worth $27,000. 84.73% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group Stock Down 0.8 %
Shares of NYSE SPG opened at $145.70 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $147.49. The firm has a 50-day moving average price of $141.46 and a 200 day moving average price of $123.90. The stock has a market capitalization of $47.53 billion, a price-to-earnings ratio of 20.87, a price-to-earnings-growth ratio of 7.06 and a beta of 1.65.
Simon Property Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be paid a $1.95 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date is Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.35%. Simon Property Group’s dividend payout ratio (DPR) is 108.88%.
Simon Property Group declared that its Board of Directors has initiated a share repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on SPG shares. The Goldman Sachs Group raised their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Piper Sandler raised their price objective on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 20th. Truist Financial raised their price objective on shares of Simon Property Group from $128.00 to $139.00 and gave the stock a “hold” rating in a research report on Tuesday, January 16th. Morgan Stanley cut shares of Simon Property Group from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $132.00 to $143.00 in a research note on Thursday, December 21st. Finally, Stifel Nicolaus reduced their target price on shares of Simon Property Group from $139.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, October 31st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $137.75.
Simon Property Group Company 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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