New England Research & Management Inc. Sells 3,645 Shares of Simon Property Group, Inc. (NYSE:SPG)

New England Research & Management Inc. lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 34.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,880 shares of the real estate investment trust’s stock after selling 3,645 shares during the quarter. New England Research & Management Inc.’s holdings in Simon Property Group were worth $1,077,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cape Investment Advisory Inc. raised its position in shares of Simon Property Group by 3,200.0% in the 4th 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 period. BOK Financial Private Wealth Inc. acquired a new stake in shares of Simon Property Group in the 4th quarter valued at approximately $34,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Simon Property Group in the 1st quarter valued at approximately $41,000. Rise Advisors LLC raised its position 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 stake in shares of Simon Property Group in the 4th quarter valued at approximately $41,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Price Performance

NYSE SPG opened at $151.80 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $157.82. The company has a market capitalization of $49.48 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 8.91 and a beta of 1.71. The firm’s 50 day moving average is $147.63 and its 200-day moving average is $146.63.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the business earned $2.74 earnings per share. Simon Property Group’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $2.00 dividend. The ex-dividend date was Friday, June 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a dividend yield of 5.27%. Simon Property Group’s dividend payout ratio (DPR) is currently 101.91%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Truist Financial raised their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Scotiabank raised their target price on shares of 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, Argus raised their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average 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.