Valeo Financial Advisors LLC Cuts Stake in Simon Property Group Inc (SPG)

Valeo Financial Advisors LLC lowered its holdings in Simon Property Group Inc (NYSE:SPG) by 67.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,916 shares of the real estate investment trust’s stock after selling 6,036 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Simon Property Group were worth $531,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in Simon Property Group by 33,036.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,272,633 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 11,238,614 shares in the last quarter. Norges Bank purchased a new stake in Simon Property Group during the fourth quarter worth $490,827,000. Nordea Investment Management AB purchased a new stake in Simon Property Group during the third quarter worth $425,370,000. FMR LLC boosted its holdings in Simon Property Group by 19.8% during the fourth quarter. FMR LLC now owns 8,049,529 shares of the real estate investment trust’s stock worth $1,352,241,000 after buying an additional 1,331,005 shares in the last quarter. Finally, Swedbank purchased a new stake in Simon Property Group during the fourth quarter worth $159,783,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

SPG opened at $185.52 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 6.21. The firm has a market cap of $56.92 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 3.14 and a beta of 0.57. Simon Property Group Inc has a 52-week low of $145.78 and a 52-week high of $191.49.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.24 by ($0.01). The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.84 earnings per share. On average, research analysts anticipate that Simon Property Group Inc will post 12.4 earnings per share for the current fiscal year.

Simon Property Group declared that its board has initiated a stock buyback plan on Tuesday, February 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 3.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

SPG has been the topic of a number of recent analyst reports. BMO Capital Markets reissued a “buy” rating and set a $191.00 price target on shares of Simon Property Group in a report on Friday, February 1st. Mizuho downgraded shares of Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price target on the stock. in a report on Friday, February 15th. Finally, Wells Fargo & Co downgraded shares of Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $194.67.

WARNING: This story was published by Markets Daily and is owned by of Markets Daily. If you are viewing this story on another site, it was illegally stolen and republished in violation of international copyright & trademark laws. The legal version of this story can be viewed at https://www.themarketsdaily.com/2019/04/13/valeo-financial-advisors-llc-cuts-stake-in-simon-property-group-inc-spg.html.

About Simon Property Group

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.

Read More: How is a buy-side analyst different from a sell-side analyst?

Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group Inc (NYSE:SPG).

Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

Receive News & Ratings for Simon Property Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group and related companies with MarketBeat.com's FREE daily email newsletter.