Envestnet Portfolio Solutions Inc. Reduces Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 56.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,268 shares of the real estate investment trust's stock after selling 15,990 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Simon Property Group were worth $2,113,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Hopwood Financial Services Inc. bought a new position in Simon Property Group in the 4th quarter valued at approximately $28,000. WR Wealth Planners LLC lifted its holdings in shares of Simon Property Group by 328.2% during the fourth quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 128 shares in the last quarter. New England Capital Financial Advisors LLC purchased a new stake in shares of Simon Property Group during the fourth quarter valued at $30,000. Synergy Asset Management LLC bought a new stake in Simon Property Group in the 4th quarter worth about $41,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in Simon Property Group in the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group raised shares of Simon Property Group from a "hold" rating to a "buy" rating and raised their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Piper Sandler upgraded shares of Simon Property Group from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. Scotiabank set a $186.00 target price on shares of Simon Property Group in a research note on Friday, February 28th. Mizuho raised their price target on Simon Property Group from $158.00 to $182.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research report on Tuesday, December 17th. They set a "hold" rating and a $195.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $180.33.

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Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 465 shares of the company's stock in a transaction that occurred on Monday, December 30th. The stock was bought at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now owns 55,919 shares in the company, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 8.50% of the company's stock.

Simon Property Group Stock Performance

SPG traded down $0.21 during midday trading on Tuesday, reaching $165.91. The company had a trading volume of 1,661,756 shares, compared to its average volume of 1,341,945. Simon Property Group, Inc. has a 1 year low of $139.25 and a 1 year high of $190.14. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The company has a market cap of $54.13 billion, a P/E ratio of 22.85, a P/E/G ratio of 10.10 and a beta of 1.78. The business has a 50-day moving average of $175.98 and a two-hundred day moving average of $174.45.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 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%. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group's payout ratio is currently 115.70%.

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.