Solidarity Wealth LLC Sells 200 Shares of Simon Property Group, Inc. (NYSE:SPG)

Solidarity Wealth LLC lowered its stake in Simon Property Group, Inc. (NYSE:SPGFree Report) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,170 shares of the real estate investment trust’s stock after selling 200 shares during the period. Solidarity Wealth LLC’s holdings in Simon Property Group were worth $880,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the company. Cape Investment Advisory Inc. raised its position in Simon Property Group by 3,200.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 192 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group in the fourth quarter valued at $34,000. Bruce G. Allen Investments LLC bought a new stake in Simon Property Group in the 4th quarter valued at about $41,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Simon Property Group during the third quarter worth $33,000. Finally, Highlander Capital Management LLC increased its position in shares of Simon Property Group by 183.5% during the fourth quarter. Highlander Capital Management LLC now owns 309 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 200 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPG has been the subject of several analyst reports. Scotiabank increased their target price on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Morgan Stanley raised their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI lifted their price target on 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. Truist Financial upped 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. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $145.33.

Read Our Latest Analysis on Simon Property Group

Simon Property Group Stock Performance

NYSE SPG traded up $1.45 during trading hours on Thursday, hitting $148.55. 140,427 shares of the company’s stock traded hands, compared to its average volume of 1,440,095. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The firm has a market capitalization of $48.42 billion, a P/E ratio of 18.74, a P/E/G ratio of 8.73 and a beta of 1.68. The business’s fifty day moving average price is $147.01 and its two-hundred day moving average price is $142.89.

Simon Property Group (NYSE:SPGGet Free Report) last released its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the company earned $2.74 EPS. Equities research analysts predict that Simon Property Group, Inc. will post 12.87 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $8.00 annualized dividend and a dividend yield of 5.39%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is currently 99.36%.

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

About Simon Property Group

(Free Report)

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.

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

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