Ninepoint Partners LP Lowers Holdings in Simon Property Group, Inc. (NYSE:SPG)

Ninepoint Partners LP lowered its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 23.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 873 shares of the real estate investment trust’s stock after selling 261 shares during the quarter. Ninepoint Partners LP’s holdings in Simon Property Group were worth $125,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Cowa LLC acquired a new stake in shares of Simon Property Group in the first quarter valued at about $107,000. Norges Bank purchased a new stake in shares of Simon Property Group in the 4th quarter worth about $807,887,000. International Assets Investment Management LLC grew its stake in Simon Property Group by 13,226.4% in the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock valued at $131,312,000 after acquiring an additional 913,678 shares during the last quarter. Geode Capital Management LLC increased its holdings in Simon Property Group by 10.4% during the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock valued at $910,337,000 after acquiring an additional 765,146 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Simon Property Group by 527.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 804,952 shares of the real estate investment trust’s stock valued at $105,899,000 after purchasing an additional 676,627 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

Simon Property Group stock traded up $0.31 during trading hours on Friday, hitting $140.68. 409,636 shares of the company traded hands, compared to its average volume of 1,490,950. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The firm has a market cap of $45.85 billion, a P/E ratio of 20.11, a P/E/G ratio of 7.39 and a beta of 1.65. The firm’s 50-day simple moving average is $149.49 and its two-hundred day simple moving average is $135.23. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.34 by ($1.05). The company 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%. Simon Property Group’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.15 EPS. As a group, analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

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

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a yield of 5.54%. Simon Property Group’s payout ratio is presently 111.75%.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of recent research reports. Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Evercore ISI raised their target price on shares of 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. Morgan Stanley boosted their price target on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. 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 report on Thursday, December 21st. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.