Mogy Joel R Investment Counsel Inc. Decreases Holdings in Simon Property Group, Inc. (NYSE:SPG)

Mogy Joel R Investment Counsel Inc. trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 13.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,825 shares of the real estate investment trust’s stock after selling 425 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in Simon Property Group were worth $403,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. acquired a new stake in shares of Simon Property Group in the 3rd quarter valued at about $44,000. Caprock Group LLC raised its stake in shares of Simon Property Group by 6.2% in the 3rd quarter. Caprock Group LLC now owns 3,195 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 187 shares in the last quarter. Czech National Bank raised its stake in shares of Simon Property Group by 47.7% in the 3rd quarter. Czech National Bank now owns 57,186 shares of the real estate investment trust’s stock valued at $6,178,000 after purchasing an additional 18,478 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Simon Property Group by 1.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 150,994 shares of the real estate investment trust’s stock valued at $16,312,000 after purchasing an additional 1,755 shares in the last quarter. Finally, InTrack Investment Management Inc acquired a new stake in shares of Simon Property Group in the 3rd quarter valued at about $417,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

NYSE SPG traded down $0.37 on Friday, hitting $142.36. The stock had a trading volume of 1,026,159 shares, compared to its average volume of 1,112,382. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market cap of $46.40 billion, a price-to-earnings ratio of 20.40, a P/E/G ratio of 7.49 and a beta of 1.65. The company’s 50-day moving average is $149.04 and its two-hundred day moving average is $136.81.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company posted $3.15 EPS. Simon Property Group’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts expect that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were given a $1.95 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a yield of 5.48%. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group declared that its board has initiated a stock repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SPG shares. Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Evercore ISI increased their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Truist Financial increased their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged 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.