Oppenheimer Asset Management Inc. Trims Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Oppenheimer Asset Management Inc. cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 21.6% in the 1st quarter, Holdings Channel reports. The fund owned 13,237 shares of the real estate investment trust’s stock after selling 3,651 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Simon Property Group were worth $2,198,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPG. Hopwood Financial Services Inc. purchased a new stake in Simon Property Group during the 4th quarter valued at approximately $28,000. WR Wealth Planners LLC raised its stake in shares of Simon Property Group by 328.2% during the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 128 shares in the last quarter. Caisse Des Depots ET Consignations purchased a new position in shares of Simon Property Group during the 4th quarter worth approximately $31,000. Continuum Advisory LLC raised its stake in shares of Simon Property Group by 421.6% during the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 156 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in shares of Simon Property Group during the 4th quarter worth approximately $34,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SPG shares. Piper Sandler cut their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. JPMorgan Chase & Co. cut their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Mizuho cut their target price on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research note on Tuesday, June 10th. Stifel Nicolaus increased their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, Wall Street Zen cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and an average price target of $179.44.

Simon Property Group Stock Performance

NYSE SPG opened at $160.70 on Friday. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.14. The company has a market capitalization of $52.45 billion, a P/E ratio of 25.59, a PEG ratio of 8.78 and a beta of 1.47. The business has a 50 day moving average price of $159.47 and a 200 day moving average price of $167.03. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. Simon Property Group’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.56 EPS. Sell-side analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date is Monday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 133.76%.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.