Simon Property Group, Inc. (NYSE:SPG) Stake Cut by Payden & Rygel

Payden & Rygel lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,950 shares of the real estate investment trust’s stock after selling 5,100 shares during the quarter. Payden & Rygel’s holdings in Simon Property Group were worth $15,835,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Aviva PLC grew its position in shares of Simon Property Group by 9.7% during the 4th quarter. Aviva PLC now owns 27,538 shares of the real estate investment trust’s stock valued at $4,742,000 after buying an additional 2,428 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Simon Property Group in the fourth quarter valued at approximately $30,293,000. Yoffe Investment Management LLC bought a new position in shares of Simon Property Group during the fourth quarter valued at approximately $583,000. Pitcairn Co. raised its position in shares of Simon Property Group by 0.6% during the 4th quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust’s stock worth $1,704,000 after purchasing an additional 55 shares during the period. Finally, World Investment Advisors lifted its holdings in shares of Simon Property Group by 9.7% in the 4th quarter. World Investment Advisors now owns 3,878 shares of the real estate investment trust’s stock worth $668,000 after purchasing an additional 344 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on SPG. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective on the stock. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their price target for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Finally, Scotiabank set a $186.00 price objective on Simon Property Group in a research report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $180.33.

Simon Property Group Stock Down 4.6 %

SPG stock opened at $146.15 on Friday. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The firm has a market cap of $47.68 billion, a PE ratio of 20.13, a P/E/G ratio of 10.10 and a beta of 1.45. Simon Property Group, Inc. has a 12 month low of $139.25 and a 12 month high of $190.14. The firm has a 50 day simple moving average of $174.03 and a 200 day simple moving average of $174.26.

Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Equities research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were issued a $2.10 dividend. The ex-dividend date was Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.75%. Simon Property Group’s payout ratio is currently 115.70%.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.