Massachusetts Financial Services Co. MA increased its position in Simon Property Group, Inc. (NYSE:SPG) by 12.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 816,953 shares of the real estate investment trust’s stock after buying an additional 89,771 shares during the period. Massachusetts Financial Services Co. MA owned 0.26% of Simon Property Group worth $140,541,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Simon Property Group during the fourth quarter worth approximately $261,732,000. PGGM Investments increased its position in Simon Property Group by 31.8% in the first quarter. PGGM Investments now owns 3,473,850 shares of the real estate investment trust’s stock worth $597,606,000 after buying an additional 839,043 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Simon Property Group during the fourth quarter worth approximately $110,245,000. Brookfield Asset Management Inc. increased its position in Simon Property Group by 28.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 2,264,105 shares of the real estate investment trust’s stock worth $402,264,000 after buying an additional 495,300 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its position in Simon Property Group by 51.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,278,820 shares of the real estate investment trust’s stock worth $226,073,000 after buying an additional 431,790 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.
Shares of Simon Property Group, Inc. (NYSE:SPG) traded down 0.28% during midday trading on Tuesday, hitting $158.53. 631,561 shares of the company were exchanged. The firm has a market cap of $49.49 billion, a P/E ratio of 27.13 and a beta of 0.61. The company’s 50 day moving average price is $158.79 and its 200 day moving average price is $172.75. Simon Property Group, Inc. has a one year low of $150.15 and a one year high of $229.10.
Simon Property Group (NYSE:SPG) last announced its earnings results on Thursday, April 27th. The real estate investment trust reported $2.74 EPS for the quarter, missing the consensus estimate of $2.76 by $0.02. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. Simon Property Group had a return on equity of 40.16% and a net margin of 34.99%. Simon Property Group’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.63 EPS. Equities analysts expect that Simon Property Group, Inc. will post $6.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend was Monday, May 15th. Simon Property Group’s payout ratio is presently 119.66%.
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SPG has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Simon Property Group from a “hold” rating to a “sell” rating in a report on Monday, March 27th. Goldman Sachs Group, Inc. (The) downgraded shares of Simon Property Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $207.00 to $185.00 in a report on Friday, March 17th. Vetr raised shares of Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $186.15 price objective for the company in a report on Wednesday, April 26th. Hilliard Lyons raised shares of Simon Property Group from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a report on Friday, March 17th. They noted that the move was a valuation call. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $191.00 price objective (down previously from $200.00) on shares of Simon Property Group in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $204.37.
In other Simon Property Group news, Director Reuben S. Leibowitz bought 1,400 shares of the firm’s stock in a transaction dated Tuesday, March 28th. The shares were bought at an average price of $166.00 per share, for a total transaction of $232,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.42% of the stock is currently owned by corporate insiders.
Simon Property Group Company Profile
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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