Oliver Luxxe Assets LLC Cuts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Oliver Luxxe Assets LLC trimmed its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,611 shares of the real estate investment trust’s stock after selling 158 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Simon Property Group were worth $4,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of SPG. Coldstream Capital Management Inc. raised its stake in shares of Simon Property Group by 1.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77 shares during the period. Cascade Investment Group Inc. raised its stake in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after purchasing an additional 80 shares during the period. Salem Investment Counselors Inc. raised its stake in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 80 shares during the period. Schechter Investment Advisors LLC raised its stake in shares of Simon Property Group by 2.4% during the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock worth $485,000 after purchasing an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its stake in shares of Simon Property Group by 1.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after purchasing an additional 83 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of NYSE SPG traded down $5.33 during midday trading on Monday, hitting $146.47. 493,028 shares of the company’s stock were exchanged, compared to its average volume of 1,500,438. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $157.82. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market cap of $47.74 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 9.02 and a beta of 1.75. The business’s fifty day moving average price is $147.63 and its two-hundred day moving average price is $146.77.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the firm posted $2.74 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $2.00 dividend. The ex-dividend date was Friday, June 7th. This represents a $8.00 annualized dividend and a yield of 5.46%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is presently 101.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SPG shares. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Truist Financial lifted their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Argus boosted their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, Scotiabank boosted their price objective on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research note on Thursday, May 16th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $147.60.

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.