Griffin Asset Management Inc. lowered its stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 34.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,032 shares of the real estate investment trust’s stock after selling 1,593 shares during the period. Griffin Asset Management Inc.’s holdings in Simon Property Group were worth $475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Simon Property Group in the fourth quarter worth approximately $2,561,181,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Simon Property Group by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock valued at $504,611,000 after purchasing an additional 72,645 shares in the last quarter. Boston Partners lifted its position in shares of Simon Property Group by 9.0% during the 4th quarter. Boston Partners now owns 2,228,580 shares of the real estate investment trust’s stock worth $317,881,000 after purchasing an additional 183,702 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Simon Property Group by 5.9% during the third quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock worth $203,866,000 after purchasing an additional 105,606 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Simon Property Group by 7.5% in the fourth quarter. Russell Investments Group Ltd. now owns 1,653,052 shares of the real estate investment trust’s stock valued at $236,153,000 after buying an additional 114,653 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.
Simon Property Group Stock Up 1.3 %
SPG stock opened at $151.80 on Friday. The company has a market cap of $49.48 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 9.02 and a beta of 1.71. The company has a fifty day moving average price of $147.63 and a 200 day moving average price of $146.72. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $157.82.
Simon Property Group (NYSE:SPG – Get Free Report) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company earned $2.74 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts expect that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.
Simon Property Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $2.00 dividend. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.27%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.
Analysts Set New Price Targets
Several research firms have recently issued reports on SPG. Scotiabank upped their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Truist Financial increased their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Argus upped their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $147.60.
Read Our Latest Report on Simon Property Group
About Simon Property Group
Simon is a real estate investment trust engaged 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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