Resolution Capital Ltd lowered its stake in Simon Property Group Inc (NYSE:SPG) by 29.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,231,783 shares of the real estate investment trust’s stock after selling 507,522 shares during the quarter. Simon Property Group makes up approximately 7.3% of Resolution Capital Ltd’s investment portfolio, making the stock its 5th largest position. Resolution Capital Ltd owned approximately 0.40% of Simon Property Group worth $224,443,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Capital Investment Advisory Services LLC bought a new position in Simon Property Group during the fourth quarter worth about $25,000. Community Bank N.A. bought a new position in Simon Property Group during the fourth quarter worth about $28,000. Legacy Advisors LLC bought a new position in Simon Property Group during the first quarter worth about $36,000. Lindbrook Capital LLC bought a new position in Simon Property Group during the fourth quarter worth about $35,000. Finally, Sontag Advisory LLC bought a new position in Simon Property Group during the fourth quarter worth about $37,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on SPG shares. BMO Capital Markets reiterated a “buy” rating and set a $191.00 price target on shares of Simon Property Group in a report on Friday, February 1st. Barclays reiterated a “buy” rating and set a $202.00 price target on shares of Simon Property Group in a report on Tuesday. Mizuho cut 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 cut Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $195.33.
SPG traded down $0.59 during trading on Wednesday, hitting $176.49. 355,364 shares of the stock traded hands, compared to its average volume of 1,067,498. Simon Property Group Inc has a twelve month low of $145.78 and a twelve month high of $191.49. The company has a market cap of $54.71 billion, a P/E ratio of 14.55, a P/E/G ratio of 3.18 and a beta of 0.57. The company has a debt-to-equity ratio of 6.21, a current ratio of 0.97 and a quick ratio of 0.97.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Friday, February 1st. The real estate investment trust reported $3.23 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.01). The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.84 earnings per share. On average, analysts expect that Simon Property Group Inc will post 12.35 earnings per share for the current fiscal year.
Simon Property Group declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 12th that authorizes the company to buyback $2.00 billion in 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 programs are usually a sign that the company’s board believes its shares are undervalued.
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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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