New York State Teachers Retirement System Decreases Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

New York State Teachers Retirement System lowered its holdings in Simon Property Group, Inc. (NYSE:SPG) by 12.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 263,289 shares of the real estate investment trust’s stock after selling 38,160 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Simon Property Group worth $43,727,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in Simon Property Group in the 4th quarter valued at $2,059,505,000. Geode Capital Management LLC boosted its position in shares of Simon Property Group by 2.6% in 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 buying an additional 230,982 shares during the period. Northern Trust Corp grew its stake in shares of Simon Property Group by 45.9% in 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 buying an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Simon Property Group by 5.5% during the 4th quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust’s stock valued at $811,202,000 after buying an additional 246,630 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Simon Property Group by 14.8% during 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 buying an additional 542,511 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

SPG stock opened at $160.75 on Tuesday. The stock’s 50 day simple moving average is $159.94 and its 200 day simple moving average is $166.63. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.14. The firm has a market cap of $52.47 billion, a P/E ratio of 25.60, a P/E/G ratio of 8.95 and a beta of 1.47. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the company earned $3.56 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts predict 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 was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were issued a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.23%. Simon Property Group’s dividend payout ratio is currently 133.76%.

Analysts Set New Price Targets

SPG has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target on Simon Property Group from $168.50 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their target price on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Scotiabank lifted their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a “sector perform” rating in a research note on Tuesday, June 17th. Wall Street Zen lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Finally, Piper Sandler lowered their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average price target of $179.44.

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.