MV Capital Management Inc. Reduces Stake in Simon Property Group, Inc. (NYSE:SPG)

MV Capital Management Inc. cut its stake in Simon Property Group, Inc. (NYSE:SPG) by 52.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 544 shares of the real estate investment trust’s stock after selling 600 shares during the quarter. MV Capital Management Inc.’s holdings in Simon Property Group were worth $85,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Coldstream Capital Management Inc. raised its stake in Simon Property Group by 1.5% during the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77 shares during the period. Cascade Investment Group Inc. increased its holdings in Simon Property Group by 0.5% in the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after purchasing an additional 80 shares during the last quarter. Salem Investment Counselors Inc. raised its position in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC raised its position in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC lifted its stake in Simon Property Group by 1.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after purchasing an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by insiders.

Simon Property Group Stock Up 0.9 %

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

Simon Property Group (NYSE:SPG) last released its earnings results 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). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the business posted $2.74 earnings per share. Simon Property Group’s revenue was up 6.8% on a year-over-year basis. Equities analysts expect that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 101.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SPG shares. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus boosted their price target 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 raised their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Finally, Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company 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.