CORDA Investment Management LLC. Sells 3,340 Shares of Simon Property Group, Inc. $SPG
by Amy Steele · The Cerbat GemCORDA Investment Management LLC. lowered its position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 1.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 205,454 shares of the real estate investment trust’s stock after selling 3,340 shares during the quarter. Simon Property Group comprises approximately 2.8% of CORDA Investment Management LLC.’s investment portfolio, making the stock its 14th largest position. CORDA Investment Management LLC.’s holdings in Simon Property Group were worth $38,032,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Embree Financial Group increased its position in shares of Simon Property Group by 2.4% during the fourth quarter. Embree Financial Group now owns 2,414 shares of the real estate investment trust’s stock valued at $447,000 after acquiring an additional 56 shares in the last quarter. O ROURKE & COMPANY Inc increased its position in shares of Simon Property Group by 2.8% during the fourth quarter. O ROURKE & COMPANY Inc now owns 2,124 shares of the real estate investment trust’s stock valued at $393,000 after acquiring an additional 57 shares in the last quarter. Colonial Trust Co SC increased its position in shares of Simon Property Group by 25.7% during the third quarter. Colonial Trust Co SC now owns 318 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 65 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Simon Property Group by 4.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,582 shares of the real estate investment trust’s stock valued at $293,000 after acquiring an additional 65 shares in the last quarter. Finally, Howard Capital Management Inc. increased its position in shares of Simon Property Group by 3.1% during the third quarter. Howard Capital Management Inc. now owns 2,175 shares of the real estate investment trust’s stock valued at $408,000 after acquiring an additional 66 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.
Simon Property Group Trading Down 1.9%
Shares of SPG stock opened at $201.60 on Friday. Simon Property Group, Inc. has a 12-month low of $155.44 and a 12-month high of $208.28. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 4.42. The firm’s 50 day moving average is $195.35 and its 200 day moving average is $189.16. The stock has a market capitalization of $65.51 billion, a P/E ratio of 14.22, a P/E/G ratio of 6.76 and a beta of 1.33.
Simon Property Group (NYSE:SPG – Get Free Report) last issued its earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.02. Simon Property Group had a net margin of 72.71% and a return on equity of 124.12%. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $3.68 earnings per share. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. Research analysts expect that Simon Property Group, Inc. will post 13.19 earnings per share for the current year.
Simon Property Group declared that its board has authorized a share repurchase plan on Thursday, February 5th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
Analyst Ratings Changes
Several brokerages recently weighed in on SPG. JPMorgan Chase & Co. raised their price target on shares of Simon Property Group from $198.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Scotiabank raised their price target on shares of Simon Property Group from $189.00 to $192.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 24th. Piper Sandler reissued an “overweight” rating and set a $230.00 price target (up from $225.00) on shares of Simon Property Group in a research report on Tuesday, February 3rd. Morgan Stanley set a $205.00 target price on shares of Simon Property Group in a report on Friday, January 16th. Finally, Weiss Ratings upgraded shares of Simon Property Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and an average target price of $200.14.
View Our Latest Report on Simon Property Group
Simon Property Group Profile
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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