Allspring Global Investments Holdings LLC Decreases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 299,422 shares of the real estate investment trust’s stock after selling 9,607 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Simon Property Group were worth $51,934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SPG. Creative Planning boosted its stake in shares of Simon Property Group by 4.9% during the 3rd quarter. Creative Planning now owns 79,678 shares of the real estate investment trust’s stock valued at $13,467,000 after buying an additional 3,696 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Simon Property Group during the 3rd quarter valued at approximately $310,000. Patton Fund Management Inc. purchased a new position in shares of Simon Property Group during the 3rd quarter valued at approximately $6,529,000. Bleakley Financial Group LLC boosted its stake in shares of Simon Property Group by 1.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after buying an additional 68 shares during the last quarter. Finally, Trust Co. of Vermont boosted its stake in shares of Simon Property Group by 2.9% during the 3rd quarter. Trust Co. of Vermont now owns 4,080 shares of the real estate investment trust’s stock valued at $690,000 after buying an additional 114 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 465 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was acquired at an average price of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the subject of several research analyst reports. Mizuho increased their target price on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Jefferies Financial Group raised Simon Property Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price on the stock. Finally, Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Hold” and a consensus price target of $175.10.

Simon Property Group Trading Up 1.3 %

NYSE:SPG opened at $186.24 on Friday. Simon Property Group, Inc. has a 1 year low of $139.25 and a 1 year high of $187.10. The stock has a market cap of $60.76 billion, a price-to-earnings ratio of 25.65, a PEG ratio of 9.58 and a beta of 1.74. The business has a fifty day moving average of $175.60 and a 200-day moving average of $171.12. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.51%. Simon Property Group’s dividend payout ratio is currently 115.70%.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.