Wells Fargo & Company MN Sells 46,482 Shares of Simon Property Group, Inc. (NYSE:SPG)

Wells Fargo & Company MN cut its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 850,440 shares of the real estate investment trust's stock after selling 46,482 shares during the period. Wells Fargo & Company MN owned about 0.26% of Simon Property Group worth $146,454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new position in shares of Simon Property Group in the fourth quarter valued at about $2,059,505,000. Hamlin Capital Management LLC acquired a new position in Simon Property Group during the 4th quarter worth $109,403,000. KBC Group NV lifted its holdings in Simon Property Group by 170.3% during the 4th quarter. KBC Group NV now owns 880,309 shares of the real estate investment trust's stock worth $151,597,000 after buying an additional 554,605 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Simon Property Group by 22,608.6% during the fourth quarter. Proficio Capital Partners LLC now owns 542,281 shares of the real estate investment trust's stock worth $93,386,000 after acquiring an additional 539,893 shares during the last quarter. Finally, Strategic Financial Concepts LLC increased its position in Simon Property Group by 17,222.1% in the fourth quarter. Strategic Financial Concepts LLC now owns 476,530 shares of the real estate investment trust's stock worth $82,063,000 after purchasing an additional 473,779 shares during the period. Institutional investors own 93.01% of the company's stock.

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Analyst Upgrades and Downgrades

SPG has been the topic of a number of research reports. Jefferies Financial Group upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating and upped their target price for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They issued a "hold" rating and a $195.00 price objective on the stock. Stifel Nicolaus raised shares of Simon Property Group from a "hold" rating to a "buy" rating and set a $168.50 target price for the company in a report on Wednesday. Piper Sandler raised Simon Property Group from a "neutral" rating to an "overweight" rating and increased their price target for the company from $175.00 to $205.00 in a research note on Wednesday, February 5th. Finally, StockNews.com cut Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $181.39.

Simon Property Group Stock Down 1.5 %

Shares of Simon Property Group stock traded down $2.24 on Friday, hitting $145.45. The company had a trading volume of 576,533 shares, compared to its average volume of 1,494,570. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.14. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The stock has a 50-day moving average of $170.58 and a 200-day moving average of $173.39. The firm has a market capitalization of $47.46 billion, a P/E ratio of 20.07, a P/E/G ratio of 10.10 and a beta of 1.45.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 5.78%. The ex-dividend date was Monday, March 10th. Simon Property Group's payout ratio is 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.