Red Cedar Investment Management LLC Acquires Shares of 7,234 Simon Property Group, Inc. (NYSE:SPG)

Red Cedar Investment Management LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 7,234 shares of the real estate investment trust’s stock, valued at approximately $1,032,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Arlington Trust Co LLC bought a new position in Simon Property Group in the third quarter worth $25,000. DT Investment Partners LLC increased its stake in shares of Simon Property Group by 714.3% in the 3rd quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 200 shares in the last quarter. Selway Asset Management purchased a new position in Simon Property Group during the 3rd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Simon Property Group during the 3rd quarter valued at about $33,000. Finally, BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Truist Financial lifted their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Evercore ISI increased their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley increased their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four investment 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, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Performance

SPG stock traded up $1.57 during midday trading on Friday, reaching $142.93. 1,257,436 shares of the company’s stock traded hands, compared to its average volume of 1,222,757. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group, Inc. has a 52-week low of $100.17 and a 52-week high of $157.82. The stock has a market cap of $46.58 billion, a P/E ratio of 20.48, a PEG ratio of 7.50 and a beta of 1.68. The stock’s 50-day moving average is $148.21 and its 200 day moving average is $138.01.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company earned $3.15 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts anticipate that Simon Property Group, Inc. will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 5.46%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. Simon Property Group’s dividend payout ratio is currently 111.75%.

Simon Property Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.