Capital Investment Advisors LLC lowered its holdings in shares of Simon Property Group Inc (NYSE:SPG) by 23.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,604 shares of the real estate investment trust’s stock after selling 11,530 shares during the quarter. Capital Investment Advisors LLC’s holdings in Simon Property Group were worth $6,852,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NuWave Investment Management LLC grew its stake in Simon Property Group by 1,418.6% in the first quarter. NuWave Investment Management LLC now owns 1,959 shares of the real estate investment trust’s stock valued at $356,000 after purchasing an additional 1,830 shares in the last quarter. Timbercreek Investment Management Inc. raised its holdings in shares of Simon Property Group by 51.2% during the 1st quarter. Timbercreek Investment Management Inc. now owns 81,195 shares of the real estate investment trust’s stock worth $14,795,000 after buying an additional 27,500 shares in the last quarter. Gofen & Glossberg LLC IL grew its position in Simon Property Group by 0.8% during the 1st quarter. Gofen & Glossberg LLC IL now owns 12,853 shares of the real estate investment trust’s stock worth $2,342,000 after acquiring an additional 97 shares during the last quarter. Pacer Advisors Inc. grew its position in Simon Property Group by 1,595.8% during the 1st quarter. Pacer Advisors Inc. now owns 37,223 shares of the real estate investment trust’s stock worth $6,783,000 after acquiring an additional 35,028 shares during the last quarter. Finally, 6 Meridian grew its position in Simon Property Group by 39.3% during the 1st quarter. 6 Meridian now owns 128,506 shares of the real estate investment trust’s stock worth $23,415,000 after acquiring an additional 36,244 shares during the last quarter. 96.57% of the stock is currently owned by institutional investors.
SPG opened at $179.41 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 6.34. The stock has a market capitalization of $55.13 billion, a PE ratio of 14.79, a P/E/G ratio of 2.99 and a beta of 0.54. Simon Property Group Inc has a 12 month low of $152.50 and a 12 month high of $191.49.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $2.05 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $8.20 annualized dividend and a yield of 4.57%. Simon Property Group’s payout ratio is 67.60%.
Simon Property Group announced that its board has authorized a stock buyback plan on Tuesday, February 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 3.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts have commented on SPG shares. BMO Capital Markets reiterated a “buy” rating and issued a $191.00 price target on shares of Simon Property Group in a research report on Friday, February 1st. Barclays reaffirmed a “buy” rating and set a $202.00 price target on shares of Simon Property Group in a research note on Tuesday, April 16th. Mizuho lowered Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price objective for the company. in a report on Friday, February 15th. Finally, Wells Fargo & Co lowered Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Simon Property Group currently has an average rating of “Hold” and a consensus target price of $192.14.
Simon Property Group 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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