New York State Teachers Retirement System Lowers Stake in Simon Property Group, Inc. (NYSE:SPG)

New York State Teachers Retirement System reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.4% during the 4th quarter, HoldingsChannel reports. The fund owned 301,449 shares of the real estate investment trust’s stock after selling 20,629 shares during the period. New York State Teachers Retirement System’s holdings in Simon Property Group were worth $51,913,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Simon Property Group in the 3rd quarter valued at about $30,000. Wingate Wealth Advisors Inc. purchased a new position in Simon Property Group in the 4th quarter valued at about $41,000. Synergy Asset Management LLC purchased a new position in Simon Property Group in the 4th quarter valued at about $41,000. Eastern Bank purchased a new position in Simon Property Group in the 3rd quarter valued at about $42,000. Finally, Golden State Wealth Management LLC purchased a new position in Simon Property Group in the 4th quarter valued at about $45,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 465 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 8.50% of the stock is owned by insiders.

Simon Property Group Stock Down 0.6 %

Shares of NYSE SPG opened at $185.12 on Friday. The company has a 50 day simple moving average of $175.69 and a 200-day simple moving average of $171.22. The company has a market capitalization of $60.40 billion, a P/E ratio of 25.50, a P/E/G ratio of 9.58 and a beta of 1.74. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1 year low of $139.25 and a 1 year high of $188.14.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $2.10 dividend. The ex-dividend date is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.54%. Simon Property Group’s dividend payout ratio (DPR) is presently 115.70%.

Wall Street Analyst Weigh In

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

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.