Victory Capital Management Inc. reduced its stake in Simon Property Group Inc (NYSE:SPG) by 44.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,132 shares of the real estate investment trust’s stock after selling 4,953 shares during the period. Victory Capital Management Inc.’s holdings in Simon Property Group were worth $1,117,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of SPG. Capital Investment Advisory Services LLC bought a new position in shares of Simon Property Group in the 4th quarter worth $25,000. Community Bank N.A. acquired a new stake in Simon Property Group during the 4th quarter worth $28,000. Lindbrook Capital LLC acquired a new stake in Simon Property Group during the 4th quarter worth $35,000. Legacy Advisors LLC acquired a new stake in Simon Property Group during the 1st quarter worth $36,000. Finally, Sontag Advisory LLC acquired a new stake in Simon Property Group during the 4th quarter worth $37,000. Institutional investors and hedge funds own 95.74% of the company’s stock.
In other Simon Property Group news, insider John Rulli sold 9,160 shares of Simon Property Group stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $176.17, for a total value of $1,613,717.20. Following the sale, the insider now owns 29,646 shares of the company’s stock, valued at approximately $5,222,735.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.75% of the company’s stock.
SPG has been the topic of several research analyst reports. BMO Capital Markets reaffirmed a “buy” rating and set a $191.00 price objective on shares of Simon Property Group in a research note on Friday, February 1st. Barclays reaffirmed a “buy” rating and set a $202.00 price objective on shares of Simon Property Group in a research note on Tuesday, April 16th. Mizuho downgraded Simon Property Group to a “hold” rating and set a $193.00 price objective on the stock. in a research note on Tuesday, February 26th. Finally, Wells Fargo & Co downgraded Simon Property Group from an “overweight” rating to a “market weight” rating in a research note on Friday, February 8th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $192.14.
Shares of Simon Property Group stock opened at $163.05 on Friday. The firm has a market cap of $51.93 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 3.05 and a beta of 0.54. Simon Property Group Inc has a 12 month low of $158.21 and a 12 month high of $191.49. The company has a debt-to-equity ratio of 6.34, a quick ratio of 1.01 and a current ratio of 1.01.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $3.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.02 by $0.02. Simon Property Group had a return on equity of 62.69% and a net margin of 41.45%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the business posted $2.00 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, analysts expect that Simon Property Group Inc will post 12.38 EPS for the current year.
Simon Property Group announced that its board has initiated a stock buyback plan on Tuesday, February 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Thursday, May 16th. Simon Property Group’s dividend payout ratio is 67.60%.
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Simon Property Group Company Profile
Simon is a global leader 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.
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