Paradigm Asset Management Co. LLC cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 64.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,545 shares of the real estate investment trust’s stock after selling 17,500 shares during the period. Paradigm Asset Management Co. LLC’s holdings in Simon Property Group were worth $1,121,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Simon Property Group by 5.6% during the third quarter. BlackRock Inc. now owns 35,534,798 shares of the real estate investment trust’s stock valued at $3,189,248,000 after purchasing an additional 1,886,532 shares in the last quarter. Cohen & Steers Inc. boosted its position in Simon Property Group by 4.9% during the 3rd quarter. Cohen & Steers Inc. now owns 24,414,736 shares of the real estate investment trust’s stock worth $2,191,087,000 after buying an additional 1,135,612 shares during the period. Cowa LLC acquired a new stake in Simon Property Group during the 1st quarter worth approximately $107,000. Price T Rowe Associates Inc. MD grew its holdings in Simon Property Group by 53.4% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,978,238 shares of the real estate investment trust’s stock worth $357,050,000 after acquiring an additional 1,385,651 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Simon Property Group by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,356,272 shares of the real estate investment trust’s stock valued at $394,295,000 after acquiring an additional 119,330 shares during the period. 83.89% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on SPG. Mizuho cut their price target on shares of Simon Property Group from $116.00 to $106.00 in a report on Friday, May 26th. Morgan Stanley upped their price target on Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, February 22nd. The Goldman Sachs Group initiated coverage on Simon Property Group in a research report on Tuesday, March 21st. They set a “buy” rating and a $150.00 price objective for the company. Truist Financial upped their target price on Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. Finally, StockNews.com initiated coverage on shares of Simon Property Group in a report on Thursday, May 18th. They set a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $127.63.
Insider Buying and Selling at Simon Property Group
In other Simon Property Group news, Director Karen N. Horn acquired 551 shares of the stock in a transaction on Friday, March 31st. The shares were purchased at an average price of $109.33 per share, for a total transaction of $60,240.83. Following the completion of the acquisition, the director now owns 34,079 shares in the company, valued at approximately $3,725,857.07. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.
Simon Property Group Stock Up 0.1 %
Shares of NYSE SPG traded up $0.07 during trading on Friday, hitting $109.78. 415,779 shares of the company traded hands, compared to its average volume of 1,523,836. The company has a debt-to-equity ratio of 7.50, a quick ratio of 1.43 and a current ratio of 1.43. The business’s fifty day moving average is $108.12 and its 200 day moving average is $115.29. The firm has a market capitalization of $35.90 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 2.74 and a beta of 1.51. Simon Property Group, Inc. has a fifty-two week low of $86.02 and a fifty-two week high of $133.08.
Simon Property Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be issued a $1.85 dividend. The ex-dividend date is Thursday, June 8th. This represents a $7.40 annualized dividend and a yield of 6.74%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. Simon Property Group’s dividend payout ratio is presently 109.09%.
Simon Property Group Company Profile
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.
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