Meeder Asset Management Inc. Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Meeder Asset Management Inc. trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG) by 88.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 169 shares of the real estate investment trust’s stock after selling 1,275 shares during the period. Meeder Asset Management Inc.’s holdings in Simon Property Group were worth $26,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SPG. Avantax Advisory Services Inc. grew its position in Simon Property Group by 1.6% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,459 shares of the real estate investment trust’s stock worth $779,000 after acquiring an additional 86 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Simon Property Group by 5.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 57,409 shares of the real estate investment trust’s stock valued at $8,189,000 after buying an additional 2,895 shares during the period. Meridian Wealth Management LLC purchased a new stake in shares of Simon Property Group in the 4th quarter valued at $235,000. Kingsview Wealth Management LLC acquired a new position in Simon Property Group during the 4th quarter worth about $227,000. Finally, Brown Advisory Inc. boosted its holdings in Simon Property Group by 5.9% during the 4th quarter. Brown Advisory Inc. now owns 6,381 shares of the real estate investment trust’s stock valued at $910,000 after acquiring an additional 353 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPG. Scotiabank raised their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Truist Financial raised their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Evercore ISI raised their target price on Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Finally, Piper Sandler restated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $161.44.

Insider Activity

In related news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $164.02 on Monday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The firm has a market capitalization of $53.48 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 8.97 and a beta of 1.74. The stock’s 50-day simple moving average is $157.48 and its 200-day simple moving average is $151.62.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business posted $2.88 EPS. Simon Property Group’s revenue was up 4.8% on a year-over-year basis. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s dividend payout ratio is currently 104.46%.

About Simon Property Group

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.