Fred Alger Management LLC Sells 64 Shares of Simon Property Group, Inc. (NYSE:SPG)

Fred Alger Management LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 0.2% during the 4th quarter, HoldingsChannel reports. The fund owned 30,773 shares of the real estate investment trust’s stock after selling 64 shares during the quarter. Fred Alger Management LLC’s holdings in Simon Property Group were worth $5,299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPG. Hopwood Financial Services Inc. bought a new stake in Simon Property Group in the 4th quarter valued at $28,000. WR Wealth Planners LLC increased its holdings in Simon Property Group by 328.2% in the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 128 shares in the last quarter. New England Capital Financial Advisors LLC acquired a new position in shares of Simon Property Group during the fourth quarter worth $30,000. Caisse Des Depots ET Consignations bought a new stake in shares of Simon Property Group in the fourth quarter worth $31,000. Finally, TCTC Holdings LLC acquired a new stake in Simon Property Group in the fourth quarter valued at $34,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Performance

Shares of SPG stock opened at $163.26 on Friday. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The firm’s 50-day simple moving average is $158.81 and its two-hundred day simple moving average is $171.17. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The firm has a market cap of $53.27 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 10.10 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Analyst Ratings Changes

SPG has been the topic of a number of analyst reports. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Scotiabank reduced their price target on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Finally, Stifel Nicolaus raised Simon Property Group from a “hold” rating to a “buy” rating and set a $168.50 target price on the stock in a research report on Wednesday, April 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $178.39.

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.