Simon Property Group, Inc. (NYSE:SPG) Stock Position Lowered by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lessened its position in Simon Property Group, Inc. (NYSE:SPG) by 2.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,817 shares of the real estate investment trust’s stock after selling 413 shares during the period. Miracle Mile Advisors LLC’s holdings in Simon Property Group were worth $2,627,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Simon Property Group during the fourth quarter worth $2,059,505,000. Geode Capital Management LLC raised its position in shares of 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 purchasing 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 fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after purchasing 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 fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock worth $811,202,000 after purchasing 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 fourth quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust’s stock worth $726,136,000 after purchasing an additional 542,511 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $162.19 on Monday. The business’s 50-day moving average price is $156.92 and its two-hundred day moving average price is $169.14. 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 one year low of $136.34 and a one year high of $190.14. The company has a market capitalization of $52.94 billion, a P/E ratio of 22.34, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47.

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

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a $2.10 dividend. The ex-dividend date is Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.18%. Simon Property Group’s dividend payout ratio (DPR) is currently 133.76%.

Analysts Set New Price Targets

SPG has been the topic of a number of recent analyst reports. Wall Street Zen lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Stifel Nicolaus boosted their target price 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. 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. JPMorgan Chase & Co. lowered their price target on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Finally, Piper Sandler lowered their price target on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, May 23rd. Six equities research 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 presently has an average 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.