SteelPeak Wealth LLC Sells 152 Shares of Simon Property Group, Inc. (NYSE:SPG)

SteelPeak Wealth LLC lowered its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,115 shares of the real estate investment trust’s stock after selling 152 shares during the quarter. SteelPeak Wealth LLC’s holdings in Simon Property Group were worth $957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Simon Property Group in the fourth quarter valued at about $2,561,181,000. Charles Schwab Investment Management Inc. grew its stake in Simon Property Group by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock worth $504,611,000 after buying an additional 72,645 shares during the last quarter. Boston Partners grew its stake in Simon Property Group by 9.0% during the fourth quarter. Boston Partners now owns 2,228,580 shares of the real estate investment trust’s stock worth $317,881,000 after buying an additional 183,702 shares during the last quarter. Royal Bank of Canada grew its stake in Simon Property Group by 5.9% during the third quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock worth $203,866,000 after buying an additional 105,606 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Simon Property Group by 7.5% during the fourth quarter. Russell Investments Group Ltd. now owns 1,653,052 shares of the real estate investment trust’s stock worth $236,153,000 after buying an additional 114,653 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SPG shares. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Truist Financial upped their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Finally, Scotiabank upped their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $147.60.

Simon Property Group Price Performance

Shares of SPG stock traded up $1.99 during trading hours on Friday, reaching $151.80. 3,709,777 shares of the company were exchanged, compared to its average volume of 1,631,897. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $157.82. The stock’s fifty day moving average is $147.63 and its two-hundred day moving average is $146.77. The company has a market cap of $49.48 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 9.02 and a beta of 1.71. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company earned $2.74 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $2.00 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.27%. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s dividend payout ratio is currently 101.91%.

About Simon Property Group

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.