Legal & General Group Plc lowered its position in shares of Simon Property Group Inc (NYSE:SPG) by 3.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,370,598 shares of the real estate investment trust’s stock after selling 84,812 shares during the quarter. Legal & General Group Plc owned approximately 0.74% of Simon Property Group worth $403,452,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the stock. Kaizen Advisory LLC boosted its stake in shares of Simon Property Group by 138.1% in the 2nd quarter. Kaizen Advisory LLC now owns 712 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 413 shares during the last quarter. Peapack Gladstone Financial Corp bought a new position in shares of Simon Property Group in the 2nd quarter valued at about $203,000. Cumberland Partners Ltd bought a new position in shares of Simon Property Group in the 2nd quarter valued at about $204,000. Murphy Capital Management Inc. bought a new position in shares of Simon Property Group in the 2nd quarter valued at about $205,000. Finally, Greenleaf Trust bought a new position in shares of Simon Property Group in the 1st quarter valued at about $212,000. Institutional investors and hedge funds own 94.27% of the company’s stock.
Several research analysts have recently issued reports on SPG shares. Jefferies Financial Group reaffirmed a “$170.72” rating and issued a $194.00 target price on shares of Simon Property Group in a research note on Wednesday, July 18th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $175.00 target price (down previously from $185.00) on shares of Simon Property Group in a research note on Tuesday, May 1st. ValuEngine lowered shares of Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Boenning Scattergood reaffirmed a “buy” rating and issued a $240.00 target price on shares of Simon Property Group in a research note on Monday, April 30th. Finally, Royal Bank of Canada raised their target price on shares of Simon Property Group to $183.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 21st. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Simon Property Group presently has an average rating of “Buy” and a consensus price target of $188.23.
Shares of SPG opened at $180.82 on Monday. The company has a debt-to-equity ratio of 6.13, a quick ratio of 1.13 and a current ratio of 1.13. Simon Property Group Inc has a twelve month low of $145.78 and a twelve month high of $182.62. The company has a market capitalization of $57.95 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 2.49 and a beta of 0.57.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.13. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $1.23 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. analysts anticipate that Simon Property Group Inc will post 12.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Friday, August 17th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Thursday, August 16th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.94. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.42%. Simon Property Group’s dividend payout ratio (DPR) is 71.36%.
About Simon Property Group
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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