Envestnet Portfolio Solutions Inc. Sells 15,990 Shares of Simon Property Group, Inc. (NYSE:SPG)

Envestnet Portfolio Solutions Inc. decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 56.6% in the fourth quarter, Holdings Channel reports. The fund owned 12,268 shares of the real estate investment trust’s stock after selling 15,990 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Simon Property Group were worth $2,113,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Hopwood Financial Services Inc. purchased a new stake in Simon Property Group in the 4th quarter worth about $28,000. WR Wealth Planners LLC raised its position 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 during the period. New England Capital Financial Advisors LLC purchased a new stake in Simon Property Group in the 4th quarter worth about $30,000. Synergy Asset Management LLC purchased a new stake in Simon Property Group in the 4th quarter worth about $41,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in Simon Property Group in the 4th quarter worth about $41,000. Institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 465 shares of the stock in a transaction on Monday, December 30th. The stock was bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. The trade was a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.60% of the stock is owned by insiders.

Simon Property Group Stock Performance

Shares of SPG stock opened at $164.36 on Friday. The firm has a market cap of $53.63 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 10.10 and a beta of 1.78. The company’s 50 day moving average is $176.29 and its 200 day moving average is $174.33. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. Simon Property Group, Inc. has a 52-week low of $139.25 and a 52-week high of $190.14.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 5.11%. Simon Property Group’s dividend payout ratio (DPR) is 115.70%.

Analysts Set New Price Targets

SPG has been the topic of a number of recent analyst reports. Scotiabank set a $186.00 price objective on shares of Simon Property Group in a research report on Friday, February 28th. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. Mizuho raised their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Finally, Jefferies Financial Group raised 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 report on Thursday, January 2nd. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $180.33.

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.