Strs Ohio Has $22.89 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Strs Ohio cut its position in Simon Property Group, Inc. (NYSE:SPG) by 39.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 160,454 shares of the real estate investment trust’s stock after selling 105,100 shares during the period. Strs Ohio’s holdings in Simon Property Group were worth $22,887,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. LPL Financial LLC raised its stake in shares of Simon Property Group by 16.6% during the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after buying an additional 51,380 shares during the last quarter. Nordea Investment Management AB increased its stake in Simon Property Group by 4.6% in the fourth quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after purchasing an additional 6,703 shares in the last quarter. SG Americas Securities LLC increased its stake in Simon Property Group by 121.5% in the fourth quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock valued at $4,565,000 after purchasing an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in Simon Property Group in the fourth quarter valued at approximately $238,000. Finally, Invesco Ltd. increased its stake in Simon Property Group by 3.1% in the third quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock valued at $260,265,000 after purchasing an additional 71,751 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of SPG opened at $142.39 on Tuesday. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The firm has a fifty day simple moving average of $149.67 and a 200 day simple moving average of $134.93. The stock has a market capitalization of $46.40 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 7.60 and a beta of 1.65. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

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

Simon Property Group declared that its board has approved a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 5.48%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s dividend payout ratio (DPR) is currently 111.75%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Evercore ISI upped their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Piper Sandler upped their target price on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. Morgan Stanley increased their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. The Goldman Sachs Group increased their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group 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.