Dynamic Advisor Solutions LLC lowered its stake in Simon Property Group Inc (NYSE:SPG) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,107 shares of the real estate investment trust’s stock after selling 231 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Simon Property Group were worth $1,967,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Gradient Investments LLC grew its stake in Simon Property Group by 42.6% during the fourth quarter. Gradient Investments LLC now owns 291 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 87 shares during the period. CWM LLC boosted its stake in shares of Simon Property Group by 65.8% in the fourth quarter. CWM LLC now owns 335 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 133 shares during the period. Cornerstone Advisors Inc. boosted its holdings in shares of Simon Property Group by 22.6% in the third quarter. Cornerstone Advisors Inc. now owns 369 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 68 shares during the period. Flagship Harbor Advisors LLC raised its holdings in shares of Simon Property Group by 63.7% in the fourth quarter. Flagship Harbor Advisors LLC now owns 465 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 181 shares during the last quarter. Finally, Ledyard National Bank boosted its position in Simon Property Group by 1,048.0% during the 4th quarter. Ledyard National Bank now owns 574 shares of the real estate investment trust’s stock worth $96,000 after acquiring an additional 524 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.
SPG has been the subject of several research analyst reports. Wells Fargo & Co cut Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. BMO Capital Markets reiterated a “buy” rating and set a $191.00 price objective on shares of Simon Property Group in a research note on Friday, February 1st. Deutsche Bank set a $191.00 price target on Simon Property Group and gave the stock a “hold” rating in a research report on Friday, November 30th. Morgan Stanley set a $180.00 target price on Simon Property Group and gave the company a “hold” rating in a research note on Tuesday, November 27th. Finally, Scotiabank set a $183.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a research note on Monday, November 12th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Simon Property Group currently has an average rating of “Buy” and an average target price of $194.33.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.24 by ($0.01). Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the business posted $1.84 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. Analysts expect that Simon Property Group Inc will post 12.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 28th. Investors of record on Thursday, February 14th will be issued a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Wednesday, February 13th. This represents a $8.20 annualized dividend and a dividend yield of 4.46%. Simon Property Group’s payout ratio is presently 65.95%.
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About Simon Property Group
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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