Private Trust Co. NA Has $39,000 Stake in Simon Property Group, Inc. (NYSE:SPG)

Private Trust Co. NA decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 66.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 272 shares of the real estate investment trust’s stock after selling 538 shares during the period. Private Trust Co. NA’s holdings in Simon Property Group were worth $39,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SPG. Cowa LLC acquired a new stake in Simon Property Group in the 1st quarter worth about $107,000. Norges Bank acquired a new position in shares of Simon Property Group in the 4th quarter valued at approximately $807,887,000. Geode Capital Management LLC raised its position in shares of Simon Property Group by 10.4% in the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock valued at $910,337,000 after buying an additional 765,146 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Simon Property Group by 527.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock worth $105,899,000 after purchasing an additional 676,627 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Simon Property Group during the 3rd quarter worth approximately $69,423,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.9 %

Simon Property Group stock opened at $146.81 on Friday. 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 12-month low of $100.17 and a 12-month high of $157.82. The firm’s fifty day moving average is $149.42 and its 200 day moving average is $134.10. The company has a market capitalization of $47.85 billion, a PE ratio of 21.03, a PEG ratio of 7.89 and a beta of 1.65.

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

Simon Property Group declared that its board has authorized a stock buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were issued a dividend of $1.95 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $7.80 annualized dividend and a yield of 5.31%. Simon Property Group’s dividend payout ratio is presently 111.75%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Truist Financial upped their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. The Goldman Sachs Group upped their price objective on shares of Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Piper Sandler upped their price objective on shares of Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. Finally, Evercore ISI upped their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group 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.