Gateway Investment Advisers LLC Reduces Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Gateway Investment Advisers LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.3% during the first quarter, Holdings Channel reports. The fund owned 2,289 shares of the real estate investment trust’s stock after selling 102 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Simon Property Group were worth $358,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Cape Investment Advisory Inc. boosted its stake in shares of Simon Property Group by 3,200.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 192 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in Simon Property Group in the 4th quarter worth about $34,000. Rise Advisors LLC boosted its stake in 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 worth $43,000 after buying an additional 162 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Simon Property Group in the 4th quarter worth about $41,000. Finally, Highlander Capital Management LLC boosted its stake in Simon Property Group by 183.5% in the 4th quarter. Highlander Capital Management LLC now owns 309 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $147.60 on Thursday. The company has a market cap of $48.11 billion, a P/E ratio of 18.80, a PEG ratio of 8.79 and a beta of 1.71. 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 one year low of $102.11 and a one year high of $157.82. The business’s 50-day simple moving average is $147.08 and its 200 day simple moving average is $146.48.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.74 earnings per share. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $2.00 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Friday, June 7th. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

Analysts Set New Price Targets

SPG has been the topic of a number of research analyst reports. Scotiabank raised their price target on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Evercore ISI raised their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Truist Financial raised their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Argus lifted their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and an average price target of $147.60.

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.