Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lessened its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,350 shares of the real estate investment trust’s stock after selling 396 shares during the quarter. Redmond Asset Management LLC’s holdings in Simon Property Group were worth $2,816,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Simon Property Group by 617.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock worth $539,393,000 after purchasing an additional 2,746,503 shares during the period. Smead Capital Management Inc. increased its holdings in Simon Property Group by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,620,355 shares of the real estate investment trust’s stock worth $442,892,000 after acquiring an additional 88,378 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Simon Property Group by 1.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,487,897 shares of the real estate investment trust’s stock worth $251,484,000 after acquiring an additional 25,519 shares during the period. Principal Financial Group Inc. raised its position in Simon Property Group by 7.7% during the fourth quarter. Principal Financial Group Inc. now owns 1,376,194 shares of the real estate investment trust’s stock worth $236,995,000 after acquiring an additional 98,366 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Simon Property Group by 373.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,259,648 shares of the real estate investment trust’s stock worth $212,906,000 after acquiring an additional 993,694 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPG. Mizuho upped their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price for the company. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their target price for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $175.10.

Simon Property Group Stock Down 1.5 %

Shares of NYSE SPG opened at $183.86 on Friday. The company has a 50 day simple moving average of $176.37 and a 200-day simple moving average of $172.60. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The company has a market capitalization of $59.99 billion, a P/E ratio of 25.32, a P/E/G ratio of 10.10 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $139.25 and a 1 year high of $188.13.

Simon Property Group (NYSE:SPG) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio is presently 115.70%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 465 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was acquired at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 8.50% of the company’s stock.

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.