Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,586,176 shares of the real estate investment trust’s stock after selling 79,070 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.49% of Simon Property Group worth $226,252,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPG. Cowa LLC acquired a new stake in Simon Property Group during the 1st quarter valued at $107,000. Norges Bank purchased a new position in shares of Simon Property Group during the 4th quarter worth $807,887,000. International Assets Investment Management LLC lifted its stake in shares of Simon Property Group by 13,226.4% during the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after purchasing an additional 913,678 shares during the period. Geode Capital Management LLC lifted its stake in shares of Simon Property Group by 10.4% during the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Simon Property Group by 527.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock worth $105,899,000 after purchasing an additional 676,627 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPG. Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. The Goldman Sachs Group increased their price target on Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Piper Sandler increased their price target on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. Evercore ISI increased their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Down 1.4 %

NYSE:SPG opened at $144.81 on Monday. The company has a market capitalization of $47.19 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 7.60 and a beta of 1.65. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The stock has a 50-day simple moving average of $149.56 and a 200 day simple moving average of $134.69. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the business earned $3.15 EPS. The business’s revenue was up 9.1% on a year-over-year basis. Sell-side analysts predict that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were issued a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.39%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Simon Property Group declared that its Board of Directors has initiated a share buyback program on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

About Simon Property Group

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.