Simon Property Group, Inc. (NYSE:SPG) Holdings Decreased by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 10.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 10,093 shares of the real estate investment trust’s stock after selling 1,186 shares during the period. First Citizens Bank & Trust Co.’s holdings in Simon Property Group were worth $1,440,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cowa LLC bought a new position in Simon Property Group during the 1st quarter valued at $107,000. Norges Bank bought a new position in Simon Property Group during the 4th quarter valued at $807,887,000. Cohen & Steers Inc. boosted its stake in Simon Property Group by 8.2% during the 2nd quarter. Cohen & Steers Inc. now owns 24,433,430 shares of the real estate investment trust’s stock valued at $2,821,452,000 after purchasing an additional 1,852,099 shares in the last quarter. Geode Capital Management LLC boosted its stake in Simon Property Group by 10.4% during the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock valued at $910,337,000 after purchasing an additional 765,146 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Simon Property Group by 527.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock valued at $105,899,000 after purchasing an additional 676,627 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

SPG opened at $150.00 on Wednesday. The stock has a fifty day moving average of $148.17 and a 200-day moving average of $132.41. The firm has a market capitalization of $48.89 billion, a P/E ratio of 21.49, a PEG ratio of 8.05 and a beta of 1.65. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.15 EPS. Equities analysts forecast that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group announced that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.20%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is presently 111.75%.

Analyst Ratings Changes

A number of brokerages have issued reports on SPG. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Morgan Stanley increased their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Piper Sandler increased their price objective on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. Finally, Evercore ISI increased their price objective on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and an average target price of $140.22.

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.