Resolution Capital Ltd Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Resolution Capital Ltd purchased a new stake in Simon Property Group, Inc. (NYSE:SPG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,234,490 shares of the real estate investment trust’s stock, valued at approximately $212,592,000. Simon Property Group makes up about 3.8% of Resolution Capital Ltd’s holdings, making the stock its 9th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Brookstone Capital Management raised its position in Simon Property Group by 2.6% in the 4th quarter. Brookstone Capital Management now owns 21,728 shares of the real estate investment trust’s stock valued at $3,742,000 after buying an additional 558 shares during the last quarter. Marcum Wealth LLC acquired a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $203,000. Fifth Third Wealth Advisors LLC lifted its position in shares of Simon Property Group by 2.4% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,639 shares of the real estate investment trust’s stock worth $627,000 after purchasing an additional 85 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Simon Property Group by 0.6% during the fourth quarter. Park Avenue Securities LLC now owns 12,420 shares of the real estate investment trust’s stock worth $2,139,000 after purchasing an additional 71 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its position in Simon Property Group by 23.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 508 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 95 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of several analyst reports. Scotiabank cut their price target on shares of Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Finally, Stifel Nicolaus boosted their price target on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday. Five 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, the company presently has an average rating of “Moderate Buy” and an average target price of $179.67.

Simon Property Group Price Performance

NYSE:SPG opened at $161.04 on Thursday. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The firm has a market capitalization of $52.54 billion, a price-to-earnings ratio of 22.18, a P/E/G ratio of 10.10 and a beta of 1.43. The stock’s 50 day moving average price is $158.11 and its two-hundred day moving average price is $171.00. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the business earned $3.56 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.22%. The ex-dividend date is Monday, June 9th. Simon Property Group’s dividend payout ratio is presently 115.70%.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.