Toronto Dominion Bank Grows Stake in Simon Property Group, Inc. (NYSE:SPG)

Toronto Dominion Bank grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 166,671 shares of the real estate investment trust’s stock after purchasing an additional 10,966 shares during the period. Toronto Dominion Bank’s holdings in Simon Property Group were worth $28,702,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Simon Property Group during the 4th quarter valued at about $2,059,505,000. Geode Capital Management LLC grew its stake in shares of Simon Property Group by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust’s stock worth $1,577,600,000 after acquiring an additional 230,982 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Simon Property Group by 45.9% during the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock valued at $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Simon Property Group by 5.5% during the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock valued at $811,202,000 after acquiring an additional 246,630 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Simon Property Group by 14.8% in the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust’s stock valued at $726,136,000 after purchasing an additional 542,511 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $156.85 on Tuesday. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The stock has a market cap of $51.20 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 10.10 and a beta of 1.43. The business has a 50-day simple moving average of $157.58 and a 200-day simple moving average of $170.30.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.56 EPS. On average, equities analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.36%. Simon Property Group’s dividend payout ratio (DPR) is presently 133.76%.

Wall Street Analyst Weigh In

SPG has been the topic of several research analyst reports. Piper Sandler dropped their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday. Wall Street Zen downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. JPMorgan Chase & Co. dropped their price objective on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday, May 22nd. Stifel Nicolaus raised their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, Scotiabank lowered their price target on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $179.20.

Simon Property Group Company 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.