First Manhattan Co. lowered its position in shares of Simon Property Group Inc (NYSE:SPG) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,890 shares of the real estate investment trust’s stock after selling 1,468 shares during the period. First Manhattan Co.’s holdings in Simon Property Group were worth $5,446,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPG. Capital Investment Advisory Services LLC acquired a new stake in Simon Property Group during the fourth quarter worth approximately $25,000. Community Bank N.A. acquired a new stake in Simon Property Group during the fourth quarter worth approximately $28,000. Lindbrook Capital LLC acquired a new stake in Simon Property Group during the fourth quarter worth approximately $35,000. Legacy Advisors LLC acquired a new stake in Simon Property Group during the first quarter worth approximately $36,000. Finally, Sontag Advisory LLC acquired a new stake in Simon Property Group during the fourth quarter worth approximately $37,000. Institutional investors own 96.71% of the company’s stock.

A number of equities research analysts recently issued reports on SPG shares. BMO Capital Markets reissued a “buy” rating and set a $191.00 price target on shares of Simon Property Group in a research report on Friday, February 1st. Wells Fargo & Co downgraded Simon Property Group from an “overweight” rating to a “market weight” rating in a research report on Friday, February 8th. Finally, Mizuho downgraded Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price target on the stock. in a research report on Friday, February 15th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Simon Property Group presently has an average rating of “Buy” and an average price target of $194.67.

NYSE SPG opened at $185.52 on Monday. The company has a debt-to-equity ratio of 6.21, a quick ratio of 0.97 and a current ratio of 0.97. Simon Property Group Inc has a twelve month low of $145.78 and a twelve month high of $191.49. The firm has a market cap of $56.92 billion, a P/E ratio of 15.29, a PEG ratio of 3.14 and a beta of 0.57.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.24 by ($0.01). The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $1.84 EPS. On average, analysts forecast that Simon Property Group Inc will post 12.4 earnings per share for the current fiscal year.

Simon Property Group declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 3.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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Simon Property Group Company Profile

Simon is a global leader 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.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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