Ascent Group LLC Grows Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Ascent Group LLC increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 17.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,677 shares of the real estate investment trust’s stock after purchasing an additional 395 shares during the quarter. Ascent Group LLC’s holdings in Simon Property Group were worth $461,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Simon Property Group during the 4th quarter valued at approximately $2,059,505,000. Geode Capital Management LLC raised its position in shares of Simon Property Group by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock valued at $1,577,600,000 after buying an additional 230,982 shares during the period. Northern Trust Corp raised its position in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock valued at $940,758,000 after buying an additional 1,718,398 shares during the period. JPMorgan Chase & Co. raised its position in shares of Simon Property Group by 5.5% during the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock valued at $811,202,000 after buying an additional 246,630 shares during the period. Finally, Invesco Ltd. raised its position in shares of Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust’s stock valued at $726,136,000 after buying an additional 542,511 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $160.33 on Wednesday. The stock’s 50-day moving average is $157.50 and its two-hundred day moving average is $170.23. The firm has a market cap of $52.34 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 10.10 and a beta of 1.43. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.04. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.56 earnings per share. Analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s dividend payout ratio is currently 133.76%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SPG shares. JPMorgan Chase & Co. cut their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Piper Sandler cut their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Scotiabank cut their target price on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus upped their price objective on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and a consensus 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.