Simon Property Group, Inc. (NYSE:SPG) Position Reduced by Cascade Investment Group Inc.

Cascade Investment Group Inc. lessened its stake in Simon Property Group, Inc. (NYSE:SPG) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,821 shares of the real estate investment trust’s stock after selling 250 shares during the quarter. Simon Property Group comprises about 1.7% of Cascade Investment Group Inc.’s holdings, making the stock its 9th largest holding. Cascade Investment Group Inc.’s holdings in Simon Property Group were worth $2,380,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of Simon Property Group in the 3rd quarter worth approximately $30,000. Trivant Custom Portfolio Group LLC bought a new position in shares of Simon Property Group in the third quarter valued at approximately $42,000. Eastern Bank acquired a new position in shares of Simon Property Group during the third quarter valued at approximately $42,000. Ashton Thomas Securities LLC acquired a new stake in shares of Simon Property Group in the third quarter valued at $52,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Simon Property Group by 107.5% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 413 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 214 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 NYSE SPG opened at $174.28 on Monday. Simon Property Group, Inc. has a 1-year low of $135.15 and a 1-year high of $186.00. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The stock’s 50-day moving average is $177.19 and its 200 day moving average is $167.83. The stock has a market cap of $56.86 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 9.16 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.20 EPS. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.74 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Monday, December 9th were paid a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.82%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is presently 111.85%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 465 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were bought at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the purchase, the director now directly owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.60% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of a number of research reports. Mizuho upped their target price on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and a consensus price target of $172.10.

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.