Chevy Chase Trust Holdings LLC Sells 10,640 Shares of Simon Property Group, Inc. (NYSE:SPG)

Chevy Chase Trust Holdings LLC cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 180,789 shares of the real estate investment trust’s stock after selling 10,640 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Simon Property Group were worth $28,292,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SPG. Coldstream Capital Management Inc. increased its position in shares of Simon Property Group by 1.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Simon Property Group by 16.6% in the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 80 shares in the last quarter. Cascade Investment Group Inc. grew its stake in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after acquiring an additional 80 shares during the period. Schechter Investment Advisors LLC increased its position in shares of Simon Property Group by 2.4% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC grew its holdings in shares of Simon Property Group by 1.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock worth $794,000 after purchasing an additional 83 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SPG. Truist Financial upped their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Argus lifted their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Scotiabank lifted their target price on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.89.

Simon Property Group Stock Down 0.1 %

SPG traded down $0.21 during midday trading on Wednesday, hitting $147.36. 255,737 shares of the company’s stock traded hands, compared to its average volume of 1,478,129. The stock’s fifty day simple moving average is $148.27 and its 200-day simple moving average is $146.93. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $157.82. The company has a market cap of $48.03 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 8.73 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.74 EPS. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.84 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date was Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is currently 101.91%.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.60% of the stock is owned by insiders.

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.