Sumitomo Mitsui Trust Holdings Inc. Lowers Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,497,696 shares of the real estate investment trust’s stock after selling 88,480 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.46% of Simon Property Group worth $234,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. grew its holdings in shares of 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 worth $28,000 after purchasing an additional 192 shares during the period. BOK Financial Private Wealth Inc. purchased a new stake in Simon Property Group during the fourth quarter worth approximately $34,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Simon Property Group in the first quarter worth $41,000. Rise Advisors LLC raised its stake in shares of Simon Property Group by 145.9% in the 1st quarter. Rise Advisors LLC now owns 273 shares of the real estate investment trust’s stock valued at $43,000 after acquiring an additional 162 shares during the period. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Simon Property Group during the 4th quarter valued at $41,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPG. Scotiabank increased their price target on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus upped their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Finally, Truist Financial lifted their price objective 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. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $147.60.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 8.60% of the company’s stock.

Simon Property Group Price Performance

SPG opened at $148.26 on Thursday. The company has a market capitalization of $48.32 billion, a P/E ratio of 18.89, a PEG ratio of 8.79 and a beta of 1.75. The company has a 50-day moving average of $147.79 and a 200-day moving average of $146.79. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $157.82.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.74 EPS. Equities analysts expect that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $2.00 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.40%. Simon Property Group’s payout ratio is presently 101.91%.

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.