Russell Investments Group Ltd. lowered its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 19.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 984,398 shares of the real estate investment trust’s stock after selling 235,598 shares during the period. Russell Investments Group Ltd. owned approximately 0.30% of Simon Property Group worth $182,312,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Stance Capital LLC acquired a new stake in Simon Property Group during the third quarter worth about $26,000. Wilkerson Advisory Group LLC acquired a new position in shares of Simon Property Group in the 4th quarter valued at approximately $29,000. Tompkins Financial Corp bought a new stake in shares of Simon Property Group during the 4th quarter worth approximately $42,000. Cullen Frost Bankers Inc. lifted its holdings in shares of Simon Property Group by 79.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 111 shares during the period. Finally, Camelot Portfolios LLC acquired a new stake in shares of Simon Property Group during the 4th quarter worth approximately $53,000. Institutional investors and hedge funds own 93.01% of the company’s stock.
Simon Property Group Stock Down 0.2%
Shares of SPG opened at $215.30 on Wednesday. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.84 and a current ratio of 0.84. Simon Property Group, Inc. has a 52 week low of $155.92 and a 52 week high of $220.43. The stock has a market capitalization of $69.82 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 3.90 and a beta of 1.31. The stock has a fifty day moving average of $204.07 and a 200-day moving average of $194.25.
Simon Property Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th will be paid a $2.25 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.20. This represents a $9.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, June 9th. Simon Property Group’s payout ratio is currently 62.54%.
Wall Street Analysts Forecast Growth
Several research analysts have commented on SPG shares. Weiss Ratings upgraded shares of Simon Property Group from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday. Citigroup raised their target price on Simon Property Group from $189.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Barclays lifted their price target on Simon Property Group from $201.00 to $212.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 19th. Scotiabank upped their price objective on Simon Property Group from $192.00 to $206.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 19th. Finally, Morgan Stanley raised their price objective on Simon Property Group from $205.00 to $207.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $205.79.
Get Our Latest Analysis on SPG
Simon Property Group Company Profile
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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