Prudential Financial Inc. Sells 92,205 Shares of Simon Property Group, Inc. (NYSE:SPG)

Prudential Financial Inc. lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 6.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,336,161 shares of the real estate investment trust’s stock after selling 92,205 shares during the quarter. Prudential Financial Inc. owned 0.41% of Simon Property Group worth $230,100,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SPG. Hopwood Financial Services Inc. bought a new position in Simon Property Group in the 4th quarter worth approximately $28,000. WR Wealth Planners LLC grew its holdings in Simon Property Group by 328.2% during the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 128 shares during the period. New England Capital Financial Advisors LLC bought a new stake in shares of Simon Property Group during the 4th quarter valued at $30,000. TCTC Holdings LLC bought a new stake in shares of Simon Property Group during the 4th quarter valued at $34,000. Finally, Synergy Asset Management LLC acquired a new position in shares of Simon Property Group in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Trading Down 1.4 %

Shares of NYSE:SPG opened at $162.12 on Monday. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The company has a 50-day simple moving average of $176.11 and a 200 day simple moving average of $174.43. The company has a market capitalization of $52.90 billion, a P/E ratio of 22.33, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. Simon Property Group, Inc. has a 52-week low of $139.25 and a 52-week high of $190.14.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping the consensus estimate 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 forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.18%. Simon Property Group’s dividend payout ratio (DPR) is currently 115.70%.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 465 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were purchased at an average price of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now owns 55,919 shares in the company, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 8.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and upped their price target for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of 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. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Scotiabank set a $186.00 price objective on shares of Simon Property Group in a research report on Friday, February 28th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of “Moderate Buy” and an average target price of $180.33.

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.