NBC Securities Inc. Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

NBC Securities Inc. decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 4.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 2,679 shares of the real estate investment trust’s stock after selling 116 shares during the quarter. NBC Securities Inc.’s holdings in Simon Property Group were worth $419,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Coldstream Capital Management Inc. grew its holdings in shares of Simon Property Group by 1.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock valued at $741,000 after purchasing an additional 77 shares during the period. Cascade Investment Group Inc. grew its holdings in shares of Simon Property Group by 0.5% in the fourth quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock valued at $2,097,000 after purchasing an additional 80 shares during the period. Salem Investment Counselors Inc. lifted its position in Simon Property Group by 16.6% in the fourth quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 80 shares during the last quarter. Schechter Investment Advisors LLC lifted its position in Simon Property Group by 2.4% in the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its position in Simon Property Group by 1.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock valued at $794,000 after buying an additional 83 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $146.16 on Friday. The firm has a market capitalization of $47.64 billion, a P/E ratio of 18.62, a P/E/G ratio of 8.70 and a beta of 1.71. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm’s 50 day moving average is $146.77 and its two-hundred day moving average is $146.03.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the business posted $2.74 earnings per share. Research analysts forecast that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.47%. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

A number of research analysts have commented on SPG shares. Evercore ISI upped their target price 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 upped their target price on shares of 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 raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Argus increased their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, Truist Financial increased their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $147.60.

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.