Minneapolis Portfolio Management Group LLC Sells 55,978 Shares of Simon Property Group, Inc. (NYSE:SPG)

Minneapolis Portfolio Management Group LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 23.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 179,238 shares of the real estate investment trust’s stock after selling 55,978 shares during the period. Simon Property Group accounts for approximately 4.1% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its 9th biggest holding. Minneapolis Portfolio Management Group LLC owned 0.05% of Simon Property Group worth $30,867,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Corebridge Financial Inc. lifted its position in Simon Property Group by 1.1% during the fourth quarter. Corebridge Financial Inc. now owns 78,794 shares of the real estate investment trust’s stock worth $13,569,000 after buying an additional 863 shares during the period. LPL Financial LLC lifted its position in Simon Property Group by 2.0% during the fourth quarter. LPL Financial LLC now owns 358,414 shares of the real estate investment trust’s stock worth $61,723,000 after buying an additional 7,087 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Simon Property Group during the fourth quarter worth about $30,764,000. Sei Investments Co. lifted its position in Simon Property Group by 5.4% during the fourth quarter. Sei Investments Co. now owns 1,128,143 shares of the real estate investment trust’s stock worth $194,279,000 after buying an additional 57,800 shares during the period. Finally, American Century Companies Inc. lifted its position in Simon Property Group by 64.1% during the fourth quarter. American Century Companies Inc. now owns 685,493 shares of the real estate investment trust’s stock worth $118,049,000 after buying an additional 267,661 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SPG shares. Scotiabank set a $186.00 target price on Simon Property Group in a research report on Friday, February 28th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and increased their target price for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $180.33.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $162.12 on Monday. Simon Property Group, Inc. has a fifty-two week low of $139.25 and a fifty-two week high of $190.14. The business has a 50 day moving average price of $176.11 and a two-hundred day moving average price of $174.43. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The firm has a market cap of $52.90 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Sell-side analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. 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 presently 115.70%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 465 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, the director now owns 55,919 shares in the company, valued at $9,427,384.21. The trade was a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.50% of the company’s stock.

About Simon Property Group

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.