Mackenzie Financial Corp Has $24.74 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Mackenzie Financial Corp reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 5.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 173,412 shares of the real estate investment trust’s stock after selling 10,027 shares during the quarter. Mackenzie Financial Corp owned approximately 0.05% of Simon Property Group worth $24,735,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cascade Investment Group Inc. lifted its holdings in Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the last quarter. Salem Investment Counselors Inc. increased its position in Simon Property Group by 16.6% in the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 80 shares during the period. Schechter Investment Advisors LLC increased its position in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after buying an additional 81 shares during the period. Evergreen Capital Management LLC increased its position in Simon Property Group by 1.9% in the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock worth $495,000 after buying an additional 85 shares during the period. Finally, Miracle Mile Advisors LLC increased its position in Simon Property Group by 0.9% in the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after buying an additional 86 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $140.90 on Thursday. The business’s fifty day moving average price is $149.56 and its two-hundred day moving average price is $135.19. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The stock has a market capitalization of $45.92 billion, a price-to-earnings ratio of 20.19, a price-to-earnings-growth ratio of 7.36 and a beta of 1.65. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 5.54%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have commented on SPG. Truist Financial lifted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley boosted their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI boosted their price objective on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group boosted their price objective on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Simon Property Group has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.