Brookfield Corp ON cut its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 17.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 371,259 shares of the real estate investment trust’s stock after selling 80,770 shares during the period. Brookfield Corp ON owned about 0.11% of Simon Property Group worth $41,570,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cowa LLC purchased a new position in Simon Property Group in the first quarter valued at $107,000. Norges Bank purchased a new position in Simon Property Group in the fourth quarter valued at $807,887,000. Morgan Stanley boosted its holdings in Simon Property Group by 6.9% in the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock valued at $763,656,000 after purchasing an additional 421,554 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Simon Property Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,605,067 shares of the real estate investment trust’s stock valued at $515,606,000 after purchasing an additional 126,585 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in Simon Property Group by 15.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,464,967 shares of the real estate investment trust’s stock valued at $499,942,000 after purchasing an additional 611,260 shares during the period. 84.73% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms recently issued reports on SPG. Truist Financial decreased their target price on Simon Property Group from $130.00 to $125.00 and set a “hold” rating for the company in a report on Tuesday, August 29th. Stifel Nicolaus lifted their price target on Simon Property Group from $130.00 to $139.00 in a report on Wednesday, July 12th. StockNews.com assumed coverage on Simon Property Group in a report on Thursday, August 17th. They set a “hold” rating for the company. Wolfe Research raised Simon Property Group from a “peer perform” rating to an “outperform” rating and set a $127.00 price target for the company in a report on Wednesday, July 5th. Finally, JPMorgan Chase & Co. decreased their price target on Simon Property Group from $125.00 to $124.00 and set a “neutral” rating for the company in a report on Tuesday, August 29th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $128.36.
Simon Property Group Stock Up 0.1 %
SPG opened at $114.74 on Tuesday. The stock has a market capitalization of $37.54 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 4.71 and a beta of 1.54. Simon Property Group, Inc. has a one year low of $86.02 and a one year high of $133.08. The business’s 50-day simple moving average is $118.35 and its 200-day simple moving average is $113.03. The company has a debt-to-equity ratio of 7.67, a quick ratio of 1.02 and a current ratio of 1.02.
Simon Property Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 6.62%. The ex-dividend date is Thursday, September 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.85. Simon Property Group’s payout ratio is 115.50%.
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.
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