Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 4.5% during the 4th quarter, Holdings Channel reports. The firm owned 2,648 shares of the real estate investment trust’s stock after selling 124 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Simon Property Group were worth $378,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SPG. Geode Capital Management LLC boosted its position in Simon Property Group by 10.4% during the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after acquiring an additional 765,146 shares during the last quarter. Cowa LLC acquired a new position in Simon Property Group during the first quarter worth about $107,000. Norges Bank acquired a new position in Simon Property Group during the fourth quarter worth about $807,887,000. Morgan Stanley boosted its position in Simon Property Group by 6.9% during the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock worth $763,656,000 after acquiring an additional 421,554 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Simon Property Group by 1.9% during the third quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock worth $512,624,000 after acquiring an additional 86,778 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler lifted their target price on shares of Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. The Goldman Sachs Group lifted their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. Morgan Stanley lifted their target price 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. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. Finally, Evercore ISI lifted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Simon Property Group currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Price Performance

Simon Property Group stock opened at $140.35 on Wednesday. The company’s 50 day simple moving average is $149.61 and its 200-day simple moving average is $135.15. The company has a market capitalization of $45.74 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77.

Simon Property Group (NYSE:SPG) last announced its earnings results 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). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the company earned $3.15 earnings per share. Simon Property Group’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts expect 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 authorized a stock repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid 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 5.56%. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is presently 111.75%.

Simon Property Group 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.