Minneapolis Portfolio Management Group LLC Cuts Position in Simon Property Group, Inc. (NYSE:SPG)

Minneapolis Portfolio Management Group LLC decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 23.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 179,238 shares of the real estate investment trust’s stock after selling 55,978 shares during the period. Simon Property Group accounts for 4.1% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its 9th largest position. Minneapolis Portfolio Management Group LLC’s holdings in Simon Property Group were worth $30,867,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in SPG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Simon Property Group by 617.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock worth $539,393,000 after purchasing an additional 2,746,503 shares during the last quarter. Hamlin Capital Management LLC bought a new stake in Simon Property Group during the 4th quarter valued at $109,403,000. KBC Group NV raised its stake in Simon Property Group by 170.3% during the 4th quarter. KBC Group NV now owns 880,309 shares of the real estate investment trust’s stock valued at $151,597,000 after acquiring an additional 554,605 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Simon Property Group by 22,608.6% during the 4th quarter. Proficio Capital Partners LLC now owns 542,281 shares of the real estate investment trust’s stock valued at $93,386,000 after acquiring an additional 539,893 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in Simon Property Group by 295.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 655,300 shares of the real estate investment trust’s stock valued at $110,759,000 after acquiring an additional 489,519 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

SPG has been the topic of several recent analyst reports. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Mizuho boosted their price objective on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Scotiabank set a $186.00 price objective on Simon Property Group in a research note on Friday, February 28th. Finally, Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.33.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 465 shares of the stock in a transaction dated Monday, December 30th. The shares were acquired at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the acquisition, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $162.12 on Monday. 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 stock has a market capitalization of $52.90 billion, a price-to-earnings ratio of 22.33, a PEG ratio of 10.10 and a beta of 1.78. The stock’s fifty day simple moving average is $176.11 and its 200 day simple moving average is $174.43. 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 results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.18%. Simon Property Group’s dividend 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.