Cullen Capital Management LLC Sells 1,764 Shares of Simon Property Group, Inc. (NYSE:SPG)

Cullen Capital Management LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 16.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,936 shares of the real estate investment trust’s stock after selling 1,764 shares during the period. Cullen Capital Management LLC’s holdings in Simon Property Group were worth $1,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of SPG. Norges Bank bought a new stake in shares of Simon Property Group during the 4th quarter valued at about $2,059,505,000. Geode Capital Management LLC grew its position in shares of Simon Property Group by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock valued at $1,577,600,000 after acquiring an additional 230,982 shares during the period. JPMorgan Chase & Co. raised its holdings in Simon Property Group by 5.5% in the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock worth $811,202,000 after purchasing an additional 246,630 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Simon Property Group by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,637,529 shares of the real estate investment trust’s stock worth $626,419,000 after purchasing an additional 64,418 shares during the period. Finally, Boston Partners lifted its position in Simon Property Group by 7.0% during the fourth quarter. Boston Partners now owns 2,504,500 shares of the real estate investment trust’s stock valued at $431,304,000 after purchasing an additional 162,764 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on SPG shares. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Scotiabank set a $186.00 price objective on shares of Simon Property Group in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $180.33.

Simon Property Group Trading Down 4.6 %

Shares of Simon Property Group stock opened at $146.15 on Friday. Simon Property Group, Inc. has a twelve month low of $139.25 and a twelve month high of $190.14. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The business has a 50-day moving average price of $174.03 and a 200-day moving average price of $174.33. The firm has a market cap of $47.68 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 10.10 and a beta of 1.45.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating 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%. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date of this dividend was Monday, March 10th. Simon Property Group’s payout ratio is 115.70%.

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.