Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Cascade Investment Advisors Inc.

Cascade Investment Advisors Inc. trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,728 shares of the real estate investment trust’s stock after selling 565 shares during the period. Simon Property Group makes up about 1.2% of Cascade Investment Advisors Inc.’s portfolio, making the stock its 26th biggest position. Cascade Investment Advisors Inc.’s holdings in Simon Property Group were worth $1,835,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SPG. Cape Investment Advisory Inc. lifted its stake in Simon Property Group by 3,200.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 192 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Simon Property Group in the 3rd quarter valued at $33,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Simon Property Group in the 4th quarter valued at $34,000. Bruce G. Allen Investments LLC acquired a new position in shares of Simon Property Group in the 4th quarter valued at $41,000. Finally, Indiana Trust & Investment Management CO acquired a new position in shares of Simon Property Group in the 1st quarter valued at $41,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Down 1.1 %

Shares of SPG stock traded down $1.59 on Thursday, hitting $144.60. 1,091,024 shares of the stock traded hands, compared to its average volume of 1,459,192. The firm’s 50-day moving average price is $147.46 and its two-hundred day moving average price is $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. The stock has a market capitalization of $47.13 billion, a PE ratio of 18.42, a PEG ratio of 8.78 and a beta of 1.68. Simon Property Group, Inc. has a twelve month low of $100.17 and a twelve month high of $157.82.

Simon Property Group (NYSE:SPG) last announced 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 firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.74 EPS. As a group, analysts anticipate that Simon Property Group, Inc. will post 12.87 EPS for the current year.

Simon Property Group declared that its board has approved a share buyback 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 reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $2.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.53%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is presently 99.36%.

Analyst Ratings Changes

SPG has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Truist Financial boosted their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company 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 note on Thursday, April 18th. Evercore ISI boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Finally, Scotiabank boosted their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research note on Thursday, May 16th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Moderate Buy” and an average price target of $141.40.

Simon Property Group Company 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.