OVERSEA CHINESE BANKING Corp Ltd Sells 8,295 Shares of Simon Property Group, Inc. (NYSE:SPG)

OVERSEA CHINESE BANKING Corp Ltd cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 11.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,443 shares of the real estate investment trust’s stock after selling 8,295 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Simon Property Group were worth $10,753,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Xponance Inc. raised its position in shares of Simon Property Group by 3.6% in the 4th quarter. Xponance Inc. now owns 72,591 shares of the real estate investment trust’s stock worth $12,501,000 after acquiring an additional 2,515 shares in the last quarter. Boston Partners grew its stake in Simon Property Group by 7.0% during the fourth quarter. Boston Partners now owns 2,504,500 shares of the real estate investment trust’s stock worth $431,304,000 after purchasing an additional 162,764 shares during the period. Generali Asset Management SPA SGR bought a new stake in Simon Property Group in the fourth quarter worth approximately $4,149,000. Advisors Asset Management Inc. lifted its stake in Simon Property Group by 21.1% in the fourth quarter. Advisors Asset Management Inc. now owns 21,647 shares of the real estate investment trust’s stock valued at $3,728,000 after buying an additional 3,773 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in Simon Property Group by 7.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 133,458 shares of the real estate investment trust’s stock valued at $22,983,000 after buying an additional 9,192 shares during the period. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SPG shares. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Mizuho lifted their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. Finally, Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $180.33.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz bought 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The stock was bought at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the acquisition, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. The trade was a 0.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $164.70 on Wednesday. The stock has a market cap of $53.74 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 10.10 and a beta of 1.78. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. Simon Property Group, Inc. has a fifty-two week low of $139.25 and a fifty-two week high of $190.14. The firm’s 50-day simple moving average is $176.70 and its 200 day simple moving average is $174.47.

Simon Property Group (NYSE:SPG) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating 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%. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a dividend yield of 5.10%. Simon Property Group’s payout ratio is 115.70%.

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.