Zimmer Partners LP Cuts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Zimmer Partners LP lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 60.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 25,000 shares of the real estate investment trust’s stock after selling 37,500 shares during the period. Zimmer Partners LP’s holdings in Simon Property Group were worth $4,305,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Simon Property Group in the fourth quarter worth approximately $2,059,505,000. Northern Trust Corp increased its holdings in shares of Simon Property Group by 45.9% in the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock valued at $940,758,000 after acquiring an additional 1,718,398 shares during the period. Resolution Capital Ltd bought a new position in shares of Simon Property Group in the 4th quarter worth $212,592,000. Capital World Investors purchased a new stake in shares of Simon Property Group during the 4th quarter worth $119,777,000. Finally, Hamlin Capital Management LLC purchased a new stake in shares of Simon Property Group during the 4th quarter worth $109,403,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 1.0%

NYSE SPG opened at $162.89 on Wednesday. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The company has a fifty day simple moving average of $158.13 and a two-hundred day simple moving average of $170.81. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The stock has a market cap of $53.17 billion, a P/E ratio of 22.44, a P/E/G ratio of 10.10 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the firm earned $3.56 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is 133.76%.

Analysts Set New Price Targets

Several equities analysts have issued reports on SPG shares. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. Scotiabank decreased their target price on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus lifted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $179.67.

Simon Property Group Company 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.