Blueshift Asset Management LLC purchased a new position in shares of Simon Property Group Inc (NYSE:SPG) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 2,682 shares of the real estate investment trust’s stock, valued at approximately $451,000.
Other hedge funds have also recently bought and sold shares of the company. San Francisco Sentry Investment Group CA boosted its stake in Simon Property Group by 6.9% in the 4th quarter. San Francisco Sentry Investment Group CA now owns 933 shares of the real estate investment trust’s stock worth $157,000 after purchasing an additional 60 shares during the period. First Personal Financial Services boosted its stake in Simon Property Group by 37.4% in the 4th quarter. First Personal Financial Services now owns 224 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 61 shares during the period. Cornerstone Advisors Inc. boosted its stake in Simon Property Group by 22.6% in the 3rd quarter. Cornerstone Advisors Inc. now owns 369 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 68 shares during the period. Gradient Investments LLC boosted its stake in Simon Property Group by 42.6% in the 4th quarter. Gradient Investments LLC now owns 291 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 87 shares during the period. Finally, Greenleaf Trust boosted its stake in Simon Property Group by 3.7% in the 4th quarter. Greenleaf Trust now owns 2,843 shares of the real estate investment trust’s stock worth $478,000 after purchasing an additional 101 shares during the period. Institutional investors own 93.37% of the company’s stock.
Several research analysts have commented on the company. Mizuho downgraded Simon Property Group to a “hold” rating and set a $193.00 target price for the company. in a research note on Tuesday, February 26th. Wells Fargo & Co downgraded Simon Property Group from an “overweight” rating to a “market weight” rating in a research note on Friday, February 8th. BMO Capital Markets restated a “buy” rating and issued a $191.00 target price on shares of Simon Property Group in a research note on Friday, February 1st. Deutsche Bank set a $191.00 target price on Simon Property Group and gave the stock a “hold” rating in a research note on Friday, November 30th. Finally, Morgan Stanley set a $180.00 target price on Simon Property Group and gave the stock a “hold” rating in a research note on Tuesday, November 27th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $194.67.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.01). Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the previous year, the business earned $1.84 EPS. The business’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts expect that Simon Property Group Inc will post 12.39 earnings per share for the current fiscal year.
Simon Property Group announced that its board has authorized a stock repurchase plan on Tuesday, February 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Thursday, February 14th were issued a $2.05 dividend. The ex-dividend date of this dividend was Wednesday, February 13th. This represents a $8.20 annualized dividend and a dividend yield of 4.71%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 67.60%.
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Simon Property Group Company Profile
Simon is a global leader 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.
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