Choreo LLC Sells 614 Shares of Simon Property Group, Inc. (NYSE:SPG)

Choreo LLC trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 5.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,736 shares of the real estate investment trust’s stock after selling 614 shares during the quarter. Choreo LLC’s holdings in Simon Property Group were worth $1,666,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Simon Property Group in the third quarter valued at approximately $834,000. First Hawaiian Bank increased its stake in Simon Property Group by 35.0% in the fourth quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust’s stock valued at $912,000 after acquiring an additional 1,372 shares during the last quarter. Red Cedar Investment Management LLC increased its stake in Simon Property Group by 153.2% in the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock valued at $2,973,000 after acquiring an additional 10,644 shares during the last quarter. TTP Investments Inc. increased its stake in Simon Property Group by 42.0% in the third quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 10,147 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in Simon Property Group by 72.8% in the fourth quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust’s stock valued at $172,000 after acquiring an additional 421 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 465 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was acquired at an average price of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 8.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on SPG shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price on the stock. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $175.00 to $205.00 in a research report on Wednesday. Mizuho raised their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their target price for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average price target of $175.10.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $180.01 on Friday. The firm has a market cap of $58.73 billion, a PE ratio of 23.97, a price-to-earnings-growth ratio of 9.31 and a beta of 1.74. The firm’s fifty day moving average is $175.57 and its 200-day moving average is $170.19. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. Simon Property Group, Inc. has a 52 week low of $139.25 and a 52 week high of $186.00.

Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. Sell-side analysts predict that Simon Property Group, Inc. will post 12.72 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio is presently 111.85%.

About Simon Property Group

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.