Park Place Capital Corp Sells 789 Shares of Simon Property Group, Inc. (NYSE:SPG)

Park Place Capital Corp trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 52.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 722 shares of the real estate investment trust’s stock after selling 789 shares during the period. Park Place Capital Corp’s holdings in Simon Property Group were worth $103,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SPG. Arlington Trust Co LLC bought a new stake in shares of Simon Property Group during the third quarter worth approximately $25,000. DT Investment Partners LLC raised its stake in shares of Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 200 shares during the last quarter. Selway Asset Management bought a new stake in Simon Property Group in the third quarter valued at approximately $26,000. Financial Freedom LLC bought a new stake in Simon Property Group in the fourth quarter valued at approximately $27,000. Finally, Tyler Stone Wealth Management bought a new stake in Simon Property Group in the second quarter valued at approximately $27,000. 93.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on SPG shares. Evercore ISI upped their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. The Goldman Sachs Group upped their target price on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Truist Financial upped their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and an average price target of $140.22.

Simon Property Group Stock Up 1.5 %

Shares of SPG stock opened at $150.15 on Friday. The firm has a fifty day moving average of $148.75 and a 200-day moving average of $133.25. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month high of $157.82. The company has a market capitalization of $48.93 billion, a price-to-earnings ratio of 21.51, a P/E/G ratio of 7.88 and a beta of 1.65.

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

Simon Property Group declared that its Board of Directors has approved a stock buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a dividend of $1.95 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a yield of 5.19%. Simon Property Group’s dividend payout ratio is presently 111.75%.

Simon Property Group Profile

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.