Adell Harriman & Carpenter Inc. Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Adell Harriman & Carpenter Inc. reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 1.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,490 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Simon Property Group were worth $2,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DT Investment Partners LLC boosted its holdings in shares of Simon Property Group by 714.3% in the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 200 shares in the last quarter. Arlington Trust Co LLC purchased a new position in shares of Simon Property Group in the 3rd quarter worth about $25,000. BOK Financial Private Wealth Inc. purchased a new stake in Simon Property Group during the 4th quarter valued at about $34,000. Selway Asset Management bought a new position in Simon Property Group during the 3rd quarter worth approximately $26,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Simon Property Group in the 4th quarter worth approximately $41,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 1.7 %

NYSE SPG traded up $2.47 during trading hours on Monday, reaching $144.83. 1,110,870 shares of the company’s stock traded hands, compared to its average volume of 1,474,204. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The firm has a market cap of $47.20 billion, a PE ratio of 20.62, a PEG ratio of 7.47 and a beta of 1.65. The firm has a 50-day simple moving average of $149.04 and a 200 day simple moving average of $137.23. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm posted $3.15 earnings per share. Sell-side analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.39%. Simon Property Group’s payout ratio is currently 111.75%.

Analyst Ratings Changes

SPG has been the topic of several recent analyst reports. Evercore ISI raised their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. 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. Morgan Stanley upped their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group has a consensus rating of “Moderate Buy” and an average price target of $140.22.

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.