Everence Capital Management Inc. Grows Stake in Simon Property Group, Inc. (NYSE:SPG)

Everence Capital Management Inc. boosted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 32.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,229 shares of the real estate investment trust’s stock after purchasing an additional 2,760 shares during the quarter. Everence Capital Management Inc.’s holdings in Simon Property Group were worth $1,602,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Signet Financial Management LLC bought a new stake in Simon Property Group during the 4th quarter valued at $1,567,000. Marino Stram & Associates LLC boosted its position in Simon Property Group by 2.8% during the 4th quarter. Marino Stram & Associates LLC now owns 6,202 shares of the real estate investment trust’s stock valued at $885,000 after acquiring an additional 170 shares in the last quarter. SVB Wealth LLC boosted its position in Simon Property Group by 29.8% during the 4th quarter. SVB Wealth LLC now owns 5,331 shares of the real estate investment trust’s stock valued at $760,000 after acquiring an additional 1,224 shares in the last quarter. BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group during the 4th quarter valued at $34,000. Finally, Carnegie Capital Asset Management LLC bought a new stake in Simon Property Group during the 4th quarter valued at $222,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

Shares of SPG opened at $140.35 on Wednesday. The stock has a 50-day moving average of $149.61 and a two-hundred day moving average of $135.15. Simon Property Group, Inc. has a one year low of $100.17 and a one year high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market cap of $45.74 billion, a P/E ratio of 20.11, a P/E/G ratio of 7.47 and a beta of 1.65.

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

Simon Property Group announced that its board has approved a stock buyback program on Thursday, February 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Analysts Set New Price Targets

SPG has been the topic of several recent research reports. Piper Sandler increased their target price on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research report on Wednesday, December 20th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. The Goldman Sachs Group raised their price objective on Simon Property Group from $144.00 to $161.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Evercore ISI raised their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Finally, Morgan Stanley raised their price objective on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group currently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

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.