Pekin Hardy Strauss Inc. Sells 200 Shares of Simon Property Group, Inc. (NYSE:SPG)

Pekin Hardy Strauss Inc. trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,575 shares of the real estate investment trust’s stock after selling 200 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Simon Property Group were worth $653,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPG. Arlington Trust Co LLC bought a new stake in Simon Property Group during the 3rd quarter valued at approximately $25,000. DT Investment Partners LLC raised its stake in Simon Property Group by 714.3% during the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 200 shares during the last quarter. Selway Asset Management acquired a new position in Simon Property Group during the 3rd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Simon Property Group in the 3rd quarter valued at $33,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in Simon Property Group in the 4th quarter worth $34,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Trading Down 3.0 %

Shares of Simon Property Group stock opened at $140.53 on Wednesday. The stock has a market capitalization of $45.80 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 7.60 and a beta of 1.65. Simon Property Group, Inc. has a 12-month low of $100.17 and a 12-month 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. The company has a 50-day simple moving average of $148.77 and a 200 day simple moving average of $137.73.

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

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

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 5.55%. The ex-dividend date was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is presently 111.75%.

Analyst Ratings Changes

A number of research analysts have recently commented on SPG shares. 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 report on Wednesday, February 28th. Morgan Stanley boosted their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Truist Financial raised their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

About Simon Property Group

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.