Summit Global Investments Has $888,000 Holdings in Simon Property Group, Inc. (NYSE:SPG)

Summit Global Investments trimmed its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 81.3% during the fourth quarter, Holdings Channel reports. The firm owned 6,227 shares of the real estate investment trust’s stock after selling 27,075 shares during the period. Summit Global Investments’ holdings in Simon Property Group were worth $888,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its stake in shares of Simon Property Group by 13,226.4% in the fourth quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock valued at $131,312,000 after buying an additional 913,678 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Simon Property Group during the third quarter worth approximately $69,423,000. Duff & Phelps Investment Management Co. boosted its position in Simon Property Group by 160.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after buying an additional 469,855 shares during the last quarter. American Century Companies Inc. boosted its position in Simon Property Group by 65.3% in the 3rd quarter. American Century Companies Inc. now owns 854,191 shares of the real estate investment trust’s stock valued at $92,278,000 after buying an additional 337,430 shares during the last quarter. Finally, Sapient Capital LLC acquired a new stake in shares of Simon Property Group in the 4th quarter valued at $25,725,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $142.93 on Friday. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. 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 company has a market capitalization of $46.58 billion, a price-to-earnings ratio of 20.48, a P/E/G ratio of 7.50 and a beta of 1.68. The firm’s 50 day simple moving average is $148.21 and its 200 day simple moving average is $138.01.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The business 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 firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.15 earnings per share. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group announced that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Evercore ISI raised 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. Morgan Stanley boosted 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 note on Monday, February 26th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.