Cullinan Associates Inc. Sells 4,070 Shares of Simon Property Group, Inc. (NYSE:SPG)

Cullinan Associates Inc. decreased its position in Simon Property Group, Inc. (NYSE:SPG) by 71.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,650 shares of the real estate investment trust’s stock after selling 4,070 shares during the period. Cullinan Associates Inc.’s holdings in Simon Property Group were worth $258,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in Simon Property Group by 2.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 284,865 shares of the real estate investment trust’s stock valued at $44,578,000 after acquiring an additional 7,831 shares in the last quarter. O ROURKE & COMPANY Inc raised its stake in shares of Simon Property Group by 3.7% during the 1st quarter. O ROURKE & COMPANY Inc now owns 2,694 shares of the real estate investment trust’s stock worth $422,000 after purchasing an additional 97 shares in the last quarter. Diversified Trust Co raised its stake in shares of Simon Property Group by 130.9% during the 1st quarter. Diversified Trust Co now owns 10,852 shares of the real estate investment trust’s stock worth $1,698,000 after purchasing an additional 6,153 shares in the last quarter. Breakwater Capital Group bought a new stake in shares of Simon Property Group during the 1st quarter worth approximately $215,000. Finally, Cornerstone Wealth Group LLC bought a new stake in shares of Simon Property Group during the 1st quarter worth approximately $3,214,000. Institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

SPG has been the topic of a number of analyst reports. Scotiabank upped their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Argus upped their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.60.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.60% of the stock is currently owned by insiders.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $147.78 on Wednesday. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. The stock’s fifty day moving average price is $147.71 and its two-hundred day moving average price is $146.77. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $157.82. The firm has a market cap of $48.17 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 9.02 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company earned $2.74 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.84 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, June 7th. Simon Property Group’s dividend payout ratio is currently 101.91%.

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.