Resolution Capital Ltd lowered its position in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 1.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,998,411 shares of the real estate investment trust’s stock after selling 28,021 shares during the period. Simon Property Group accounts for approximately 7.8% of Resolution Capital Ltd’s portfolio, making the stock its 4th biggest holding. Resolution Capital Ltd owned approximately 0.61% of Simon Property Group worth $372,764,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Stance Capital LLC acquired a new stake in shares of Simon Property Group in the third quarter valued at about $26,000. Wilkerson Advisory Group LLC acquired a new position in Simon Property Group during the fourth quarter worth about $29,000. SHP Wealth Management acquired a new position in Simon Property Group during the fourth quarter worth about $34,000. Dynamic Wealth Strategies LLC grew its stake in Simon Property Group by 195.8% during the 1st quarter. Dynamic Wealth Strategies LLC now owns 210 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 139 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Simon Property Group by 79.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.
Simon Property Group Trading Up 2.3%
SPG opened at $237.01 on Wednesday. Simon Property Group, Inc. has a one year low of $159.70 and a one year high of $237.89. The stock has a market capitalization of $76.86 billion, a PE ratio of 16.47, a P/E/G ratio of 2.99 and a beta of 1.29. The business’s 50 day moving average price is $217.27 and its 200 day moving average price is $202.42. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.84 and a current ratio of 0.84.
Simon Property Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were given a dividend of $2.25 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.20. This represents a $9.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, June 9th. Simon Property Group’s dividend payout ratio (DPR) is 62.54%.
Insider Buying and Selling at Simon Property Group
In other news, Director Gary M. Rodkin acquired 256 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average cost of $223.34 per share, with a total value of $57,175.04. Following the completion of the purchase, the director owned 21,016 shares of the company’s stock, valued at $4,693,713.44. This represents a 1.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Reuben S. Leibowitz acquired 508 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $223.38 per share, for a total transaction of $113,477.04. Following the acquisition, the director directly owned 55,797 shares in the company, valued at approximately $12,463,933.86. This trade represents a 0.92% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 2,387 shares of company stock valued at $533,056. Corporate insiders own 8.73% of the company’s stock.
Analyst Ratings Changes
SPG has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft lowered shares of Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 target price on the stock. in a research note on Thursday, July 9th. Jefferies Financial Group raised Simon Property Group to a “strong-buy” rating in a report on Friday, June 26th. Barclays upped their target price on Simon Property Group from $212.00 to $213.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. JPMorgan Chase & Co. raised their target price on Simon Property Group from $210.00 to $217.00 and gave the stock a “neutral” rating in a research note on Monday, June 1st. Finally, Bank of America lifted their price target on Simon Property Group from $225.00 to $236.00 and gave the stock a “buy” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $216.14.
Get Our Latest Analysis on Simon Property Group
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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