Allstate Corp Decreases Holdings in Simon Property Group, Inc. (NYSE:SPG)

Allstate Corp lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 33.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,742 shares of the real estate investment trust’s stock after selling 15,195 shares during the quarter. Allstate Corp’s holdings in Simon Property Group were worth $5,294,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPG. Hopwood Financial Services Inc. acquired a new position in shares of Simon Property Group during the fourth quarter worth $28,000. WR Wealth Planners LLC increased its stake in Simon Property Group by 328.2% during the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 128 shares during the period. New England Capital Financial Advisors LLC acquired a new position in Simon Property Group in the 4th quarter worth $30,000. Caisse Des Depots ET Consignations purchased a new position in Simon Property Group in the 4th quarter valued at about $31,000. Finally, TCTC Holdings LLC acquired a new stake in shares of Simon Property Group during the fourth quarter valued at about $34,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz bought 465 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 8.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on SPG shares. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price target for the company. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and upped their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, Mizuho raised their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $180.33.

Simon Property Group Stock Down 1.0 %

Shares of NYSE:SPG opened at $164.21 on Friday. The company’s fifty day moving average is $175.42 and its two-hundred day moving average is $174.37. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The stock has a market capitalization of $53.58 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78.

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

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 5.12%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio is presently 115.70%.

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.