Perpetual Ltd Acquires 1,470 Shares of Simon Property Group, Inc. (NYSE:SPG)

Perpetual Ltd raised its position in Simon Property Group, Inc. (NYSE:SPG) by 15.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,910 shares of the real estate investment trust’s stock after purchasing an additional 1,470 shares during the period. Perpetual Ltd’s holdings in Simon Property Group were worth $1,812,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its holdings in Simon Property Group by 31.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust’s stock valued at $553,000 after purchasing an additional 789 shares during the period. Brighton Jones LLC bought a new position in Simon Property Group in the 4th quarter valued at $295,000. PNC Financial Services Group Inc. boosted its holdings in Simon Property Group by 7.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust’s stock valued at $62,322,000 after purchasing an additional 25,987 shares during the period. USA Financial Formulas bought a new position in Simon Property Group in the 1st quarter valued at $717,000. Finally, Independent Advisor Alliance boosted its holdings in Simon Property Group by 4.0% in the 4th quarter. Independent Advisor Alliance now owns 69,454 shares of the real estate investment trust’s stock valued at $11,961,000 after purchasing an additional 2,661 shares during the period. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on SPG. Scotiabank raised their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. cut their price target on shares of Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Wall Street Zen cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Mizuho lowered their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 10th. Finally, Stifel Nicolaus raised their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $179.44.

Simon Property Group Stock Performance

Simon Property Group stock opened at $160.42 on Friday. The firm’s fifty day moving average price is $159.68 and its 200-day moving average price is $166.90. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market cap of $52.36 billion, a P/E ratio of 25.54, a price-to-earnings-growth ratio of 8.96 and a beta of 1.47. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.56 EPS. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s payout ratio is presently 133.76%.

About Simon Property Group

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.