State Street Corp cut its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,356,570 shares of the real estate investment trust’s stock after selling 574,739 shares during the period. State Street Corp owned 6.29% of Simon Property Group worth $4,552,747,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of SPG. PFG Investments LLC boosted its holdings in shares of Simon Property Group by 2.2% in the first quarter. PFG Investments LLC now owns 2,341 shares of the real estate investment trust’s stock worth $437,000 after acquiring an additional 50 shares during the period. WPG Advisers LLC raised its stake in shares of Simon Property Group by 40.3% during the 2nd quarter. WPG Advisers LLC now owns 181 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 52 shares during the period. CYBER HORNET ETFs LLC lifted its holdings in Simon Property Group by 6.2% during the 4th quarter. CYBER HORNET ETFs LLC now owns 936 shares of the real estate investment trust’s stock worth $173,000 after purchasing an additional 55 shares in the last quarter. Centaurus Financial Inc. boosted its stake in Simon Property Group by 5.4% in the 1st quarter. Centaurus Financial Inc. now owns 1,089 shares of the real estate investment trust’s stock worth $203,000 after purchasing an additional 56 shares during the period. Finally, Tobias Financial Advisors Inc. boosted its stake in Simon Property Group by 1.5% in the 4th quarter. Tobias Financial Advisors Inc. now owns 3,804 shares of the real estate investment trust’s stock worth $704,000 after purchasing an additional 57 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.
Simon Property Group Price Performance
Simon Property Group stock traded up $0.34 during mid-day trading on Tuesday, hitting $205.32. 222,896 shares of the company traded hands, compared to its average volume of 1,649,279. Simon Property Group, Inc. has a one year low of $172.19 and a one year high of $238.50. The stock has a market cap of $66.43 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 3.09 and a beta of 1.28. The company has a debt-to-equity ratio of 5.19, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day moving average price of $218.68 and a 200-day moving average price of $208.88.
Simon Property Group Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be given a dividend of $2.25 per share. The ex-dividend date is Wednesday, September 9th. This represents a $9.00 dividend on an annualized basis and a yield of 4.4%. Simon Property Group’s dividend payout ratio (DPR) is presently 63.47%.
Insider Buying and Selling at Simon Property Group
In other news, Director Glyn Aeppel acquired 243 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were bought at an average cost of $223.36 per share, with a total value of $54,276.48. Following the acquisition, the director owned 21,067 shares in the company, valued at approximately $4,705,525.12. This represents a 1.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel C. Smith bought 372 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $223.31 per share, with a total value of $83,071.32. Following the transaction, the director directly owned 34,480 shares in the company, valued at $7,699,728.80. The trade was a 1.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 2,387 shares of company stock valued at $533,056. 8.73% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on SPG. Mizuho upped their price target on Simon Property Group from $211.00 to $226.00 and gave the company a “neutral” rating in a research report on Thursday, August 27th. Bank of America raised their price objective on shares of Simon Property Group from $225.00 to $236.00 and gave the company a “buy” rating in a research report on Monday, June 29th. UBS Group upped their target price on shares of Simon Property Group from $199.00 to $222.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Simon Property Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 12th. Finally, Piper Sandler raised their price target on shares of Simon Property Group from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $228.14.
View Our Latest Stock Analysis on Simon Property Group
Simon Property Group Company Profile
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust that owns, develops and operates premier shopping, dining, entertainment and mixed-use destinations. Its portfolio includes regional malls, premium outlet centers and The Mills properties, serving consumers and retail tenants through a range of high-quality commercial properties.
The company generates revenue primarily by leasing retail and commercial space to national, regional and local retailers, restaurants and other businesses.
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