Patton Fund Management Inc. Has $4.19 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Patton Fund Management Inc. decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 23.0% during the 1st quarter, HoldingsChannel reports. The fund owned 25,206 shares of the real estate investment trust’s stock after selling 7,512 shares during the period. Patton Fund Management Inc.’s holdings in Simon Property Group were worth $4,186,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SPG. Norges Bank acquired a new stake in shares of Simon Property Group in the fourth quarter worth $2,059,505,000. Northern Trust Corp grew its stake in shares of Simon Property Group by 45.9% in the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after acquiring an additional 1,718,398 shares during the last quarter. Resolution Capital Ltd acquired a new stake in shares of Simon Property Group in the fourth quarter worth $212,592,000. GAMMA Investing LLC boosted its stake in Simon Property Group by 16,346.0% during the first quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust’s stock worth $145,608,000 after buying an additional 871,405 shares in the last quarter. Finally, Capital World Investors acquired a new stake in Simon Property Group during the fourth quarter worth $119,777,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.6%

Shares of NYSE SPG opened at $157.79 on Tuesday. The stock has a market cap of $51.51 billion, a PE ratio of 21.73, a PEG ratio of 10.10 and a beta of 1.47. The business has a fifty day moving average of $158.16 and a two-hundred day moving average of $168.15. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $3.56 earnings per share. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.32%. Simon Property Group’s dividend payout ratio is 133.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Mizuho decreased their price target on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 10th. Piper Sandler decreased their price target on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Stifel Nicolaus lifted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group currently has an average rating of “Hold” and an average price target of $179.00.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.