Allworth Financial LP Sells 345 Shares of Simon Property Group, Inc. (NYSE:SPG)

Allworth Financial LP trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 30.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 795 shares of the real estate investment trust’s stock after selling 345 shares during the period. Allworth Financial LP’s holdings in Simon Property Group were worth $113,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SPG. AMI Investment Management Inc. boosted its holdings in Simon Property Group by 1.2% in the 1st quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after purchasing an additional 204 shares during the period. Raymond James Trust N.A. raised its position in shares of Simon Property Group by 9.8% during the 1st quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after buying an additional 371 shares in the last quarter. Blair William & Co. IL raised its position in shares of Simon Property Group by 56.8% during the 1st quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after buying an additional 20,022 shares in the last quarter. Prudential PLC purchased a new stake in shares of Simon Property Group during the 1st quarter valued at $642,000. Finally, Dakota Wealth Management purchased a new stake in shares of Simon Property Group during the 1st quarter valued at $390,000. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SPG shares. Truist Financial raised 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 report on Friday, March 22nd. Evercore ISI raised 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 report on Wednesday, February 28th. The Goldman Sachs Group raised 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 report on Thursday, December 21st. Piper Sandler raised 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 report on Wednesday, December 20th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday. Four 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, Simon Property Group has an average rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $144.79 on Friday. The stock has a market cap of $47.19 billion, a PE ratio of 20.74, a PEG ratio of 7.71 and a beta of 1.65. The company’s fifty day moving average is $149.56 and its 200 day moving average is $134.33. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. 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 (NYSE:SPG) last released its quarterly earnings data 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 firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm posted $3.15 EPS. Simon Property Group’s revenue was up 9.1% compared to the same quarter last year. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group declared that its board has initiated a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were given a $1.95 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 5.39%. Simon Property Group’s payout ratio is presently 111.75%.

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.