Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. cut its position in Simon Property Group, Inc. (NYSE:SPG) by 15.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 32,718 shares of the real estate investment trust’s stock after selling 5,912 shares during the period. Patton Fund Management Inc.’s holdings in Simon Property Group were worth $5,634,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in Simon Property Group during the 2nd quarter worth approximately $364,000. Ascent Group LLC grew its stake in shares of Simon Property Group by 11.4% in the second quarter. Ascent Group LLC now owns 1,948 shares of the real estate investment trust’s stock worth $296,000 after acquiring an additional 199 shares in the last quarter. Algert Global LLC increased its position in shares of Simon Property Group by 38.0% during the second quarter. Algert Global LLC now owns 2,805 shares of the real estate investment trust’s stock worth $426,000 after acquiring an additional 772 shares during the period. Creative Planning raised its stake in shares of Simon Property Group by 2.5% in the second quarter. Creative Planning now owns 75,982 shares of the real estate investment trust’s stock valued at $11,534,000 after acquiring an additional 1,854 shares in the last quarter. Finally, Magnolia Capital Advisors LLC purchased a new position in Simon Property Group in the second quarter valued at $226,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on SPG shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price on the stock. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Mizuho boosted their target price on shares of 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, Jefferies Financial Group upgraded 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 research note on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $172.10.

Simon Property Group Stock Down 0.6 %

Shares of NYSE:SPG opened at $175.58 on Wednesday. Simon Property Group, Inc. has a 12-month low of $135.15 and a 12-month high of $186.00. The stock’s 50-day moving average price is $176.49 and its two-hundred day moving average price is $169.30. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. The firm has a market cap of $57.29 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 9.26 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company earned $3.20 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, research analysts forecast that Simon Property Group, Inc. will post 12.72 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were given a $2.10 dividend. The ex-dividend date was Monday, December 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a yield of 4.78%. Simon Property Group’s dividend payout ratio (DPR) is 111.85%.

Insiders Place Their Bets

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 shares were purchased at an average price of $168.59 per share, with a total value of $78,394.35. Following the purchase, the director now directly owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.50% of the stock is currently owned by insiders.

Simon Property Group Profile

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.