HL Financial Services LLC cut its position in Simon Property Group, Inc. (NYSE:SPG) by 39.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,990 shares of the real estate investment trust’s stock after selling 1,292 shares during the period. HL Financial Services LLC’s holdings in Simon Property Group were worth $342,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Norway Savings Bank increased its position in Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 275 shares during the period. Farmers & Merchants Investments Inc. increased its position in Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 50 shares during the period. Bessemer Group Inc. increased its position in Simon Property Group by 13.4% in the fourth quarter. Bessemer Group Inc. now owns 718 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 85 shares during the period. Alpha Windward LLC increased its position in shares of Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 30 shares during the period. Finally, Rockefeller Financial Services Inc. acquired a new position in shares of Simon Property Group during the first quarter valued at $138,000. 95.14% of the stock is owned by institutional investors.
Simon Property Group, Inc. (NYSE:SPG) traded down 0.29% during trading on Friday, reaching $160.26. The company’s stock had a trading volume of 4,639,236 shares. The company has a market capitalization of $50.03 billion, a P/E ratio of 27.42 and a beta of 0.61. The company’s 50-day moving average is $158.97 and its 200-day moving average is $173.00. Simon Property Group, Inc. has a 1-year low of $150.15 and a 1-year high of $229.10.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.76 by $0.02. Simon Property Group had a net margin of 34.99% and a return on equity of 40.16%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the company earned $2.63 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that Simon Property Group, Inc. will post $6.52 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th were given a $1.75 dividend. The ex-dividend date of this dividend was Monday, May 15th. This represents a $7.00 annualized dividend and a dividend yield of 4.37%. Simon Property Group’s dividend payout ratio is currently 119.66%.
Several equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Simon Property Group from a “hold” rating to a “sell” rating in a report on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and set a $158.00 price objective (down previously from $180.00) on shares of Simon Property Group in a research note on Saturday, June 3rd. ValuEngine cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Mizuho upgraded Simon Property Group from a “neutral” rating to a “buy” rating and set a $178.00 target price on the stock in a research report on Tuesday, May 30th. Finally, Deutsche Bank AG increased their target price on Simon Property Group from $188.00 to $191.00 and gave the company a “hold” rating in a research report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Simon Property Group has a consensus rating of “Buy” and an average target price of $204.37.
In related news, Director Reuben S. Leibowitz acquired 1,400 shares of Simon Property Group stock in a transaction dated Tuesday, March 28th. The shares were acquired at an average cost of $166.00 per share, for a total transaction of $232,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.42% of the stock is owned by corporate insiders.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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