Red Cedar Investment Management LLC Sells 4,843 Shares of Simon Property Group, Inc. (NYSE:SPG)

Red Cedar Investment Management LLC trimmed its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 27.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,748 shares of the real estate investment trust’s stock after selling 4,843 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Simon Property Group were worth $2,195,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group in the third quarter valued at about $30,000. Synergy Asset Management LLC bought a new stake in shares of Simon Property Group in the fourth quarter valued at about $41,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Simon Property Group in the fourth quarter valued at about $41,000. Eastern Bank bought a new stake in shares of Simon Property Group in the third quarter valued at about $42,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Simon Property Group in the fourth quarter valued at about $45,000. 93.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

SPG has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price target for the company. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Finally, Mizuho boosted their price target on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average target price of $175.10.

Simon Property Group Stock Down 0.6 %

Shares of NYSE SPG opened at $185.12 on Friday. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The company has a market cap of $60.40 billion, a price-to-earnings ratio of 25.50, a PEG ratio of 9.58 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $139.25 and a 12 month high of $188.14. The stock has a 50-day moving average price of $175.69 and a two-hundred day moving average price of $171.22.

Simon Property Group (NYSE:SPG) last issued its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 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%. As a group, analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 4.54%. The ex-dividend date is Monday, March 10th. Simon Property Group’s dividend payout ratio (DPR) is currently 115.70%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The shares were bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the acquisition, the director now owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.50% of the company’s stock.

Simon Property Group 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.