Simon Property Group, Inc. (NYSE:SPG) Position Lessened by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC lessened its position in Simon Property Group, Inc. (NYSE:SPG) by 4.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 47,271 shares of the real estate investment trust’s stock after selling 2,342 shares during the quarter. Simon Property Group makes up approximately 1.1% of Alpha Omega Wealth Management LLC’s investment portfolio, making the stock its 18th largest position. Alpha Omega Wealth Management LLC’s holdings in Simon Property Group were worth $6,743,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Financial Freedom LLC purchased a new position in shares of Simon Property Group during the fourth quarter valued at $27,000. DT Investment Partners LLC grew its holdings in shares of Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 200 shares in the last quarter. Arlington Trust Co LLC purchased a new position in shares of Simon Property Group during the third quarter valued at $25,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Simon Property Group during the fourth quarter valued at $34,000. Finally, Tyler Stone Wealth Management purchased a new position in shares of Simon Property Group during the second quarter valued at $27,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Down 1.4 %

Shares of SPG stock traded down $2.04 during trading hours on Wednesday, reaching $140.35. The company had a trading volume of 1,301,665 shares, compared to its average volume of 1,259,808. The company has a 50 day moving average of $149.61 and a 200 day moving average of $135.15. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $45.74 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were issued a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a dividend yield of 5.56%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its Board of Directors has initiated a stock repurchase program on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Piper Sandler lifted their price objective on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. The Goldman Sachs Group boosted their price target on 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, Morgan Stanley boosted their price objective on 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Simon Property Group has an average rating of “Moderate Buy” and a consensus target price of $140.22.

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.