Franklin Resources Inc. Sells 62,550 Shares of Simon Property Group, Inc. (NYSE:SPG)

Franklin Resources Inc. cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 7.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 757,371 shares of the real estate investment trust’s stock after selling 62,550 shares during the period. Franklin Resources Inc.’s holdings in Simon Property Group were worth $130,427,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Summit Financial LLC boosted its holdings in shares of Simon Property Group by 27.0% in the fourth quarter. Summit Financial LLC now owns 3,696 shares of the real estate investment trust’s stock worth $637,000 after acquiring an additional 785 shares during the period. Wellington Management Group LLP lifted its holdings in Simon Property Group by 4.2% during the 4th quarter. Wellington Management Group LLP now owns 921,576 shares of the real estate investment trust’s stock worth $158,705,000 after purchasing an additional 37,384 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Simon Property Group by 6.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 82,594 shares of the real estate investment trust’s stock worth $14,224,000 after purchasing an additional 4,671 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Simon Property Group by 314.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 17,410 shares of the real estate investment trust’s stock valued at $3,041,000 after buying an additional 13,206 shares in the last quarter. Finally, RWA Wealth Partners LLC bought a new stake in shares of Simon Property Group during the fourth quarter valued at about $6,799,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on SPG shares. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Scotiabank set a $186.00 price objective on Simon Property Group in a research report on Friday, February 28th. Mizuho boosted their target price on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price on the stock. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $180.33.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $170.58 on Thursday. The stock’s 50-day moving average is $175.03 and its 200 day moving average is $174.53. The stock has a market cap of $55.66 billion, a price-to-earnings ratio of 23.50, a P/E/G ratio of 10.10 and a beta of 1.45. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, topping 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 business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a dividend of $2.10 per share. The ex-dividend date was Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.92%. Simon Property Group’s dividend payout ratio (DPR) is currently 115.70%.

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.