Prana Capital Management LP Decreases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Prana Capital Management LP cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 21.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,614 shares of the real estate investment trust’s stock after selling 24,755 shares during the period. Prana Capital Management LP’s holdings in Simon Property Group were worth $15,432,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its stake in Simon Property Group by 6.8% in the 4th quarter. ProShare Advisors LLC now owns 59,758 shares of the real estate investment trust’s stock valued at $10,291,000 after purchasing an additional 3,787 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Simon Property Group by 21.5% during the 4th quarter. Quantinno Capital Management LP now owns 58,576 shares of the real estate investment trust’s stock valued at $10,087,000 after acquiring an additional 10,354 shares during the last quarter. Pathstone Holdings LLC increased its stake in shares of Simon Property Group by 2.2% during the 4th quarter. Pathstone Holdings LLC now owns 44,668 shares of the real estate investment trust’s stock valued at $7,692,000 after acquiring an additional 962 shares during the last quarter. Mufg Securities Americas Inc. acquired a new position in shares of Simon Property Group during the 4th quarter valued at about $780,000. Finally, Nissay Asset Management Corp Japan ADV increased its stake in shares of Simon Property Group by 2.2% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 83,470 shares of the real estate investment trust’s stock valued at $14,358,000 after acquiring an additional 1,813 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SPG shares. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Stifel Nicolaus upped their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, Scotiabank decreased their target price on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.67.

Simon Property Group Stock Up 0.1%

NYSE SPG opened at $161.04 on Thursday. The stock has a market cap of $52.54 billion, a PE ratio of 22.18, a P/E/G ratio of 10.10 and a beta of 1.43. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14. The business has a 50 day moving average price of $158.11 and a two-hundred day moving average price of $171.00. 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 (NYSE:SPG) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Simon Property Group’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.56 EPS. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.22%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is currently 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.