Greenleaf Trust Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Greenleaf Trust cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 4.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,569 shares of the real estate investment trust’s stock after selling 491 shares during the quarter. Greenleaf Trust’s holdings in Simon Property Group were worth $1,365,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPG. Salem Investment Counselors Inc. grew its holdings in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 80 shares during the period. Cascade Investment Group Inc. grew its holdings in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC grew its holdings in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares during the period. Evergreen Capital Management LLC lifted its stake in Simon Property Group by 1.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock worth $495,000 after acquiring an additional 85 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its stake in Simon Property Group by 0.9% during the 4th quarter. Miracle Mile Advisors LLC now owns 9,600 shares of the real estate investment trust’s stock worth $1,369,000 after acquiring an additional 86 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPG has been the topic of several research reports. Evercore ISI increased their target price on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Price Performance

SPG stock opened at $140.44 on Friday. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $45.77 billion, a P/E ratio of 20.12, a P/E/G ratio of 7.37 and a beta of 1.65. The business’s 50-day moving average is $149.36 and its two-hundred day moving average is $135.70. Simon Property Group, Inc. has a 1 year low of $100.17 and a 1 year high of $157.82.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the company posted $3.15 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. Analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group declared that its board has approved a share repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.55%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is presently 111.75%.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.