California Public Employees Retirement System Has $88.30 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

California Public Employees Retirement System decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 619,003 shares of the real estate investment trust’s stock after selling 18,531 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Simon Property Group worth $88,295,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Arlington Trust Co LLC acquired a new stake in shares of Simon Property Group in the third quarter worth $25,000. DT Investment Partners LLC lifted its position in Simon Property Group by 714.3% in the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares during the period. Selway Asset Management acquired a new stake in Simon Property Group during the third quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Simon Property Group in the 3rd quarter valued at $33,000. Finally, BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $142.82 on Thursday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market capitalization of $46.55 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 7.54 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. The firm’s 50-day moving average price is $149.30 and its two-hundred day moving average price is $136.51.

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

Simon Property Group announced that its board has approved a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 5.46%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Analyst Ratings Changes

Several brokerages have issued reports on SPG. Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Morgan Stanley increased their price target 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. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI increased their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group Company 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.