McGinn Penninger Investment Management Inc. Cuts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

McGinn Penninger Investment Management Inc. decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1.4% in the first quarter, Holdings Channel reports. The fund owned 30,118 shares of the real estate investment trust’s stock after selling 425 shares during the period. Simon Property Group accounts for approximately 3.3% of McGinn Penninger Investment Management Inc.’s investment portfolio, making the stock its 12th largest holding. McGinn Penninger Investment Management Inc.’s holdings in Simon Property Group were worth $5,002,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPG. Hopwood Financial Services Inc. purchased a new stake in shares of Simon Property Group during the fourth quarter worth $28,000. Caisse Des Depots ET Consignations acquired a new stake in Simon Property Group during the 4th quarter worth approximately $31,000. Continuum Advisory LLC raised its holdings in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 156 shares in the last quarter. TCTC Holdings LLC acquired a new stake in Simon Property Group in the 4th quarter worth about $34,000. Finally, Colonial Trust Co SC increased its stake in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE SPG opened at $164.29 on Wednesday. The company’s 50 day moving average is $160.21 and its 200-day moving average is $166.62. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The firm has a market cap of $53.63 billion, a P/E ratio of 26.16, a price-to-earnings-growth ratio of 8.96 and a beta of 1.44. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.56 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.11%. Simon Property Group’s dividend payout ratio is currently 133.76%.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock acquired 396 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the transaction, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glyn Aeppel purchased 234 shares of the company’s stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the purchase, the director directly owned 19,057 shares in the company, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 2,386 shares of company stock valued at $380,066. 8.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on SPG. Wall Street Zen lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Mizuho reduced their price target on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research report on Tuesday, June 10th. JPMorgan Chase & Co. lowered their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Scotiabank increased their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 17th. Finally, Piper Sandler reduced their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $178.50.

Simon Property Group 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.