Spirit of America Management Corp NY Cuts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Spirit of America Management Corp NY decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 17,000 shares of the real estate investment trust’s stock after selling 500 shares during the period. Spirit of America Management Corp NY’s holdings in Simon Property Group were worth $2,823,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC purchased a new position in Simon Property Group during the 4th quarter valued at about $295,000. Farther Finance Advisors LLC increased its position in Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust’s stock valued at $553,000 after purchasing an additional 789 shares during the period. Allworth Financial LP grew its position in shares of Simon Property Group by 140.6% in the 4th quarter. Allworth Financial LP now owns 3,152 shares of the real estate investment trust’s stock worth $545,000 after buying an additional 1,842 shares during the last quarter. Principal Securities Inc. grew its position in shares of Simon Property Group by 4.2% in the 4th quarter. Principal Securities Inc. now owns 4,140 shares of the real estate investment trust’s stock worth $713,000 after buying an additional 166 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Simon Property Group by 7.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust’s stock worth $62,322,000 after purchasing an additional 25,987 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

SPG opened at $156.97 on Friday. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a fifty day moving average price of $158.50 and a 200 day moving average price of $167.83. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.14. The stock has a market cap of $51.24 billion, a P/E ratio of 25.00, a P/E/G ratio of 8.76 and a beta of 1.47.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.56 earnings per share. Equities research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s dividend payout ratio is presently 133.76%.

Wall Street Analyst Weigh In

Several analysts have weighed in on SPG shares. Scotiabank boosted their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Stifel Nicolaus upped their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the company 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. JPMorgan Chase & Co. decreased their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Finally, Mizuho decreased their target price on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research note on Tuesday, June 10th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $179.44.

Simon Property Group 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.