Grassi Investment Management Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Grassi Investment Management reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.7% during the 4th quarter, HoldingsChannel reports. The fund owned 21,988 shares of the real estate investment trust’s stock after selling 146 shares during the period. Grassi Investment Management’s holdings in Simon Property Group were worth $3,787,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SPG. BOKF NA boosted its holdings in shares of Simon Property Group by 1,720.6% in the 2nd quarter. BOKF NA now owns 3,805 shares of the real estate investment trust’s stock valued at $578,000 after purchasing an additional 3,596 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in Simon Property Group by 4.3% during the second quarter. Oppenheimer & Co. Inc. now owns 38,598 shares of the real estate investment trust’s stock valued at $5,859,000 after acquiring an additional 1,579 shares during the period. Federated Hermes Inc. lifted its stake in shares of Simon Property Group by 19.7% in the 2nd quarter. Federated Hermes Inc. now owns 21,012 shares of the real estate investment trust’s stock valued at $3,190,000 after purchasing an additional 3,465 shares in the last quarter. Dai ichi Life Insurance Company Ltd grew its holdings in shares of Simon Property Group by 64.9% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 17,792 shares of the real estate investment trust’s stock worth $2,701,000 after purchasing an additional 7,000 shares during the period. Finally, Parallel Advisors LLC increased its position in Simon Property Group by 3.5% during the 2nd quarter. Parallel Advisors LLC now owns 4,810 shares of the real estate investment trust’s stock worth $730,000 after purchasing an additional 163 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPG shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and raised their target price for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Mizuho upped their price target on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a research report on Monday, September 16th. Finally, StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $172.10.

Simon Property Group Stock Up 0.9 %

Shares of SPG stock traded up $1.49 during trading hours on Monday, hitting $172.45. 630,818 shares of the company were exchanged, compared to its average volume of 1,479,086. The stock has a market capitalization of $56.27 billion, a price-to-earnings ratio of 22.96, a P/E/G ratio of 10.50 and a beta of 1.75. Simon Property Group, Inc. has a one year low of $135.15 and a one year high of $186.00. The business’s 50-day simple moving average is $177.38 and its two-hundred day simple moving average is $167.12. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm posted $3.20 earnings per share. Simon Property Group’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Simon Property Group, Inc. will post 12.76 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Monday, December 9th were issued a $2.10 dividend. The ex-dividend date was Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 4.87%. Simon Property Group’s payout ratio is 111.85%.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 465 shares of the business’s stock in a transaction on Monday, December 30th. The shares were bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the purchase, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.50% of the company’s stock.

About Simon Property Group

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.