Dai ichi Life Insurance Company Ltd Trims Holdings in Simon Property Group, Inc. (NYSE:SPG)

Dai ichi Life Insurance Company Ltd lowered its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 92.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,792 shares of the real estate investment trust’s stock after selling 130,407 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Simon Property Group were worth $1,539,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Coldstream Capital Management Inc. grew its stake in shares of Simon Property Group by 1.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after buying an additional 77 shares during the last quarter. Cascade Investment Group Inc. raised its stake in shares of Simon Property Group by 0.5% in the fourth 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. lifted its holdings in shares of Simon Property Group by 16.6% during the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 80 shares in the last quarter. Schechter Investment Advisors LLC boosted its position in shares of Simon Property Group by 2.4% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its holdings in Simon Property Group by 1.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Up 1.5 %

SPG stock traded up $2.17 during midday trading on Friday, reaching $146.83. 236,355 shares of the company traded hands, compared to its average volume of 1,446,348. The firm has a market capitalization of $47.86 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 8.67 and a beta of 1.68. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The business has a 50 day moving average of $147.46 and a 200-day moving average of $141.81. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.74 EPS. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.87 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 5.45%. The ex-dividend date is Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is 99.36%.

Simon Property Group announced that its board has authorized a share buyback program on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SPG shares. Evercore ISI lifted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Morgan Stanley raised their price objective on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Scotiabank raised their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research report on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.40.

Simon Property Group 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.