Truist Financial Corp Has $7.63 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Truist Financial Corp reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 16.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 53,482 shares of the real estate investment trust’s stock after selling 10,337 shares during the quarter. Truist Financial Corp’s holdings in Simon Property Group were worth $7,629,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its holdings in Simon Property Group by 16.6% in the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock worth $38,903,000 after purchasing an additional 51,380 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Simon Property Group by 4.6% in the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after purchasing an additional 6,703 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Simon Property Group by 121.5% in the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock worth $4,565,000 after purchasing an additional 17,552 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Simon Property Group in the 4th quarter worth approximately $238,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Simon Property Group by 9.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock worth $11,670,000 after purchasing an additional 7,250 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Evercore ISI upped their price target on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley upped their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial upped their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four 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 an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Performance

NYSE SPG opened at $142.93 on Friday. The stock has a market cap of $46.58 billion, a P/E ratio of 20.48, a PEG ratio of 7.42 and a beta of 1.68. 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 twelve month low of $100.17 and a twelve month high of $157.82. The company’s 50-day simple moving average is $148.36 and its 200 day simple moving average is $137.77.

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

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Simon Property Group Company 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.