Carret Asset Management LLC Has $1.85 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Carret Asset Management LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 0.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,953 shares of the real estate investment trust’s stock after selling 100 shares during the quarter. Carret Asset Management LLC’s holdings in Simon Property Group were worth $1,848,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC lifted its position in Simon Property Group by 16.6% in the 3rd quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after acquiring an additional 51,380 shares in the last quarter. Nordea Investment Management AB lifted its position in Simon Property Group by 4.6% during the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock worth $21,923,000 after buying an additional 6,703 shares in the last quarter. SG Americas Securities LLC lifted its position in Simon Property Group by 121.5% during the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock worth $4,565,000 after buying an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Simon Property Group in the 4th quarter valued at about $238,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Simon Property Group by 9.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after purchasing an additional 7,250 shares during the period. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Down 0.7 %

Shares of NYSE:SPG traded down $0.96 during mid-day trading on Wednesday, reaching $142.82. 1,109,979 shares of the company’s stock were exchanged, compared to its average volume of 1,480,403. The firm has a market capitalization of $46.55 billion, a price-to-earnings ratio of 20.46, a PEG ratio of 7.47 and a beta of 1.65. The business’s fifty day moving average price is $149.30 and its 200-day moving average price is $136.47. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. Simon Property Group, Inc. has a twelve month low of $100.17 and a twelve month high of $157.82.

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

Simon Property Group announced that its board has authorized a stock repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s payout ratio is 111.75%.

Analysts Set New Price Targets

A number of brokerages recently commented on SPG. Evercore ISI upped their price target 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. Morgan Stanley upped their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Truist Financial lifted 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. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently 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.