Westpac Banking Corp Cuts Holdings in Simon Property Group, Inc. (NYSE:SPG)

Westpac Banking Corp decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 5.1% in the fourth quarter, Holdings Channel reports. The firm owned 30,830 shares of the real estate investment trust’s stock after selling 1,663 shares during the quarter. Westpac Banking Corp’s holdings in Simon Property Group were worth $5,309,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SPG. Groupama Asset Managment lifted its stake in Simon Property Group by 97.1% during the 4th quarter. Groupama Asset Managment now owns 15,221 shares of the real estate investment trust’s stock valued at $2,601,000 after acquiring an additional 7,500 shares during the period. Geode Capital Management LLC raised its holdings in shares of Simon Property Group by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock valued at $1,577,600,000 after purchasing an additional 230,982 shares during the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of Simon Property Group by 1.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust’s stock valued at $626,000 after purchasing an additional 60 shares during the last quarter. Summit Financial LLC lifted its position in Simon Property Group by 27.0% during the fourth quarter. Summit Financial LLC now owns 3,696 shares of the real estate investment trust’s stock valued at $637,000 after purchasing an additional 785 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Simon Property Group by 4.2% in the fourth quarter. Wellington Management Group LLP now owns 921,576 shares of the real estate investment trust’s stock worth $158,705,000 after purchasing an additional 37,384 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 2.5 %

SPG stock opened at $170.58 on Thursday. The business’s 50-day moving average price is $175.03 and its 200-day moving average price is $174.53. The stock has a market cap of $55.66 billion, a P/E ratio of 23.50, a PEG ratio of 10.10 and a beta of 1.45. Simon Property Group, Inc. has a twelve month low of $139.25 and a twelve month high of $190.14. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19.

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

Simon Property Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were issued a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $8.40 dividend on an annualized basis and a yield of 4.92%. Simon Property Group’s dividend payout ratio is presently 115.70%.

Analyst Ratings Changes

SPG has been the topic of several research analyst reports. Mizuho increased their price target on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective on the stock. Finally, Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $180.33.

Simon Property Group Company Profile

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.