Zimmer Partners LP lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 82.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 125,000 shares of the real estate investment trust’s stock after selling 587,500 shares during the period. Zimmer Partners LP’s holdings in Simon Property Group were worth $14,221,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in SPG. FIL Ltd grew its position in shares of Simon Property Group by 187.5% during the 4th quarter. FIL Ltd now owns 1,423,195 shares of the real estate investment trust’s stock valued at $121,370,000 after buying an additional 928,254 shares during the last quarter. Federated Hermes Inc. boosted its stake in Simon Property Group by 30.6% during the 4th quarter. Federated Hermes Inc. now owns 7,568 shares of the real estate investment trust’s stock valued at $645,000 after purchasing an additional 1,771 shares during the period. Penserra Capital Management LLC boosted its stake in Simon Property Group by 26.7% during the 4th quarter. Penserra Capital Management LLC now owns 646 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 136 shares during the period. Vantage Consulting Group Inc acquired a new position in Simon Property Group during the 4th quarter valued at about $31,000. Finally, Brown Advisory Inc. acquired a new position in Simon Property Group during the 4th quarter valued at about $235,000. 86.34% of the stock is owned by institutional investors and hedge funds.
SPG has been the subject of a number of research analyst reports. Mizuho upped their price target on shares of Simon Property Group from $97.00 to $133.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 11th. Piper Sandler upped their price target on shares of Simon Property Group from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, May 21st. Truist upped their price target on shares of Simon Property Group from $102.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, June 23rd. Scotiabank upped their price target on shares of Simon Property Group from $117.00 to $138.00 and gave the stock a “sector perform” rating in a research note on Monday, June 28th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $112.00 to $128.00 in a research note on Monday, April 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $128.13.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 10th. The real estate investment trust reported $1.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.25 by ($0.89). Simon Property Group had a net margin of 24.94% and a return on equity of 40.13%. The firm had revenue of $1.24 billion for the quarter. During the same quarter in the prior year, the company earned $1.43 EPS. Simon Property Group’s revenue for the quarter was down 8.4% compared to the same quarter last year. As a group, analysts forecast that Simon Property Group, Inc. will post 9.84 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 23rd. Stockholders of record on Friday, July 2nd will be issued a dividend of $1.40 per share. The ex-dividend date is Thursday, July 1st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.46%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.30. Simon Property Group’s payout ratio is currently 61.47%.
In other news, Director J Albert Smith, Jr. purchased 385 shares of the business’s stock in a transaction dated Friday, April 23rd. The shares were acquired at an average price of $116.37 per share, for a total transaction of $44,802.45. Following the completion of the acquisition, the director now directly owns 8,807 shares of the company’s stock, valued at $1,024,870.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.49% of the stock is owned by insiders.
Simon Property Group 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.
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