Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by Everence Capital Management Inc.

Everence Capital Management Inc. increased its stake in Simon Property Group, Inc. (NYSE:SPG) by 32.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 11,229 shares of the real estate investment trust’s stock after buying an additional 2,760 shares during the period. Everence Capital Management Inc.’s holdings in Simon Property Group were worth $1,602,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. AMI Investment Management Inc. boosted its position in Simon Property Group by 1.2% during the first quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after purchasing an additional 204 shares during the last quarter. Raymond James Trust N.A. raised its holdings in Simon Property Group by 9.8% during the first quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after buying an additional 371 shares in the last quarter. Blair William & Co. IL raised its holdings in Simon Property Group by 56.8% during the first quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after buying an additional 20,022 shares in the last quarter. Prudential PLC bought a new position in Simon Property Group during the first quarter valued at about $642,000. Finally, Dakota Wealth Management bought a new position in Simon Property Group during the first quarter valued at about $390,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on SPG. The Goldman Sachs Group raised their target price on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a report on Thursday, December 21st. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. Evercore ISI lifted their price objective on 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 lifted 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. Finally, Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Down 1.4 %

NYSE SPG opened at $140.35 on Wednesday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock’s 50 day moving average is $149.61 and its two-hundred day moving average is $135.15. The company has a market capitalization of $45.74 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.15 earnings per share. Equities analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.56%. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its board has approved a share buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.