Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 71.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,650 shares of the real estate investment trust’s stock after selling 4,070 shares during the period. Cullinan Associates Inc.’s holdings in Simon Property Group were worth $258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Federated Hermes Inc. lifted its position in Simon Property Group by 45.6% during the third quarter. Federated Hermes Inc. now owns 16,433 shares of the real estate investment trust’s stock valued at $1,775,000 after purchasing an additional 5,150 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Simon Property Group during the third quarter valued at $972,000. Bank of Nova Scotia lifted its position in Simon Property Group by 15.0% during the third quarter. Bank of Nova Scotia now owns 30,334 shares of the real estate investment trust’s stock valued at $3,277,000 after purchasing an additional 3,956 shares during the period. Gotham Asset Management LLC lifted its position in Simon Property Group by 8.2% during the third quarter. Gotham Asset Management LLC now owns 21,519 shares of the real estate investment trust’s stock valued at $2,325,000 after purchasing an additional 1,631 shares during the period. Finally, AQR Capital Management LLC lifted its position in Simon Property Group by 26.8% during the third quarter. AQR Capital Management LLC now owns 248,239 shares of the real estate investment trust’s stock valued at $26,817,000 after purchasing an additional 52,454 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Up 0.9 %

Shares of NYSE SPG opened at $147.78 on Wednesday. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $157.82. The stock has a market cap of $48.17 billion, a PE ratio of 18.83, a P/E/G ratio of 9.02 and a beta of 1.75. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a 50-day moving average of $147.71 and a 200 day moving average of $146.77.

Simon Property Group (NYSE:SPG) last posted its 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 during 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 business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.74 earnings per share. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 5.41%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. 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 report on Friday, March 22nd. Argus boosted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Scotiabank lifted their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Simon Property Group currently has an average rating of “Moderate Buy” and an average price target of $147.60.

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.