Hutchinson Capital Management CA boosted its holdings in Simon Property Group Inc (NYSE:SPG) by 0.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,545 shares of the real estate investment trust’s stock after buying an additional 146 shares during the period. Simon Property Group accounts for approximately 3.2% of Hutchinson Capital Management CA’s holdings, making the stock its 13th largest holding. Hutchinson Capital Management CA’s holdings in Simon Property Group were worth $10,485,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of SPG. Capital Investment Advisory Services LLC purchased a new position in shares of Simon Property Group in the 4th quarter worth about $25,000. Community Bank N.A. purchased a new position in shares of Simon Property Group in the 4th quarter worth about $28,000. Lindbrook Capital LLC purchased a new position in shares of Simon Property Group in the 4th quarter worth about $35,000. Legacy Advisors LLC purchased a new position in shares of Simon Property Group in the 1st quarter worth about $36,000. Finally, Sontag Advisory LLC purchased a new position in shares of Simon Property Group in the 4th quarter worth about $37,000. 96.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on SPG shares. BMO Capital Markets restated a “buy” rating and issued a $191.00 price objective on shares of Simon Property Group in a report on Friday, February 1st. Wells Fargo & Co downgraded Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Mizuho downgraded Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price objective on the stock. in a report on Friday, February 15th. Finally, Barclays restated a “buy” rating and issued a $202.00 price objective on shares of Simon Property Group in a report on Tuesday, April 16th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Simon Property Group currently has an average rating of “Hold” and a consensus price target of $192.14.
Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $3.04 EPS for the quarter, beating the consensus estimate of $3.02 by $0.02. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. Simon Property Group had a return on equity of 62.69% and a net margin of 41.45%. The company’s revenue was up 4.2% on a year-over-year basis. During the same period last year, the business posted $2.00 EPS. On average, equities analysts forecast that Simon Property Group Inc will post 12.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued 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 dividend yield of 4.66%. Simon Property Group’s payout ratio is currently 67.60%.
Simon Property Group announced that its Board of Directors has approved a stock repurchase plan on Tuesday, February 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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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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