tru Independence LLC Sells 4,010 Shares of Simon Property Group, Inc. (NYSE:SPG)

tru Independence LLC reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 8.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,930 shares of the real estate investment trust’s stock after selling 4,010 shares during the quarter. Simon Property Group comprises approximately 2.1% of tru Independence LLC’s holdings, making the stock its 12th largest position. tru Independence LLC’s holdings in Simon Property Group were worth $7,188,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SPG. Norges Bank bought a new position in Simon Property Group in the 4th quarter valued at approximately $2,561,181,000. Charles Schwab Investment Management Inc. lifted its position in Simon Property Group by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock valued at $504,611,000 after acquiring an additional 72,645 shares in the last quarter. Boston Partners lifted its position in Simon Property Group by 9.0% in the 4th quarter. Boston Partners now owns 2,228,580 shares of the real estate investment trust’s stock valued at $317,881,000 after acquiring an additional 183,702 shares in the last quarter. Royal Bank of Canada lifted its position in Simon Property Group by 5.9% in the 3rd quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock valued at $203,866,000 after acquiring an additional 105,606 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Simon Property Group by 7.5% in the 4th quarter. Russell Investments Group Ltd. now owns 1,653,052 shares of the real estate investment trust’s stock valued at $236,153,000 after acquiring an additional 114,653 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

Simon Property Group stock traded up $1.46 during trading on Tuesday, reaching $147.98. The company had a trading volume of 288,323 shares, compared to its average volume of 1,498,406. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82. The firm’s 50-day simple moving average is $147.63 and its 200 day simple moving average is $146.77. The firm has a market capitalization of $48.23 billion, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 9.02 and a beta of 1.75. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the business posted $2.74 earnings per share. Simon Property Group’s revenue for the quarter was up 6.8% compared to the same quarter last year. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend was Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is presently 101.91%.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPG. Scotiabank increased their price target on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Argus increased their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $147.60.

About Simon Property Group

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.