NewEdge Advisors LLC decreased its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 10.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,802 shares of the real estate investment trust’s stock after selling 3,806 shares during the period. NewEdge Advisors LLC’s holdings in Simon Property Group were worth $6,119,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of SPG. Danske Bank A S increased its holdings in shares of Simon Property Group by 11.1% in the 4th quarter. Danske Bank A S now owns 193,946 shares of the real estate investment trust’s stock valued at $35,901,000 after purchasing an additional 19,300 shares during the period. Legal & General Group Plc boosted its holdings in shares of Simon Property Group by 3.3% during the fourth quarter. Legal & General Group Plc now owns 3,783,976 shares of the real estate investment trust’s stock worth $700,452,000 after purchasing an additional 122,186 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Simon Property Group by 1,329.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 468,497 shares of the real estate investment trust’s stock valued at $86,723,000 after purchasing an additional 435,721 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in Simon Property Group by 3.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 604,773 shares of the real estate investment trust’s stock valued at $111,950,000 after purchasing an additional 20,477 shares in the last quarter. Finally, Norges Bank acquired a new position in Simon Property Group in the 4th quarter valued at approximately $1,112,111,000. 93.01% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group Price Performance
Shares of NYSE:SPG opened at $230.17 on Friday. Simon Property Group, Inc. has a fifty-two week low of $159.70 and a fifty-two week high of $238.50. The business has a 50-day moving average of $218.40 and a two-hundred day moving average of $203.10. The stock has a market capitalization of $74.64 billion, a P/E ratio of 16.00, a P/E/G ratio of 3.04 and a beta of 1.29. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84.
Simon Property Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were paid a $2.25 dividend. The ex-dividend date was Tuesday, June 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.20. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.9%. Simon Property Group’s dividend payout ratio is presently 62.54%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on SPG shares. Weiss Ratings raised shares of Simon Property Group from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 14th. UBS Group lifted their price objective on Simon Property Group from $199.00 to $222.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Evercore set a $215.00 target price on Simon Property Group in a research note on Tuesday, July 7th. Morgan Stanley raised their price target on Simon Property Group from $205.00 to $207.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 9th. Finally, JPMorgan Chase & Co. lifted their price target on Simon Property Group from $210.00 to $217.00 and gave the company a “neutral” rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $216.14.
Insiders Place Their Bets
In other Simon Property Group news, Director Gary M. Rodkin acquired 256 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average cost of $223.34 per share, for a total transaction of $57,175.04. Following the completion of the purchase, the director owned 21,016 shares of the company’s stock, valued at approximately $4,693,713.44. This trade represents a 1.23% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Reuben S. Leibowitz acquired 508 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were acquired at an average cost of $223.38 per share, with a total value of $113,477.04. Following the transaction, the director directly owned 55,797 shares in the company, valued at $12,463,933.86. The trade was a 0.92% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 2,387 shares of company stock worth $533,056 in the last ninety days. 8.73% of the stock is owned by insiders.
Simon Property Group Company Profile
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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