Mackenzie Financial Corp Sells 13,414 Shares of Simon Property Group, Inc. (NYSE:SPG)

Mackenzie Financial Corp cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 136,817 shares of the real estate investment trust’s stock after selling 13,414 shares during the quarter. Mackenzie Financial Corp’s holdings in Simon Property Group were worth $23,561,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Simon Property Group during the fourth quarter worth about $2,059,505,000. Geode Capital Management LLC raised its holdings in Simon Property Group by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock worth $1,577,600,000 after acquiring an additional 230,982 shares in the last quarter. Northern Trust Corp raised its holdings in Simon Property Group by 45.9% during the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Simon Property Group by 5.5% during the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock worth $811,202,000 after acquiring an additional 246,630 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Simon Property Group by 14.8% during the fourth quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust’s stock worth $726,136,000 after acquiring an additional 542,511 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Trading Down 0.7%

Shares of Simon Property Group stock opened at $156.85 on Tuesday. The company has a market capitalization of $51.20 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 10.10 and a beta of 1.43. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The business has a fifty day simple moving average of $157.58 and a two-hundred day simple moving average of $170.30.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.56 EPS. Research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Monday, June 9th. Simon Property Group’s dividend payout ratio is 133.76%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SPG. JPMorgan Chase & Co. lowered their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Piper Sandler lowered their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday. Stifel Nicolaus boosted their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Wall Street Zen downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, Scotiabank reduced their price target on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and an average price target of $179.20.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.