Retirement Systems of Alabama raised its position in Simon Property Group Inc. (NYSE:SPG) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 157,740 shares of the real estate investment trust’s stock after buying an additional 515 shares during the period. Retirement Systems of Alabama’s holdings in Simon Property Group were worth $34,214,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Daiwa Securities Group Inc. increased its position in shares of Simon Property Group by 7.8% in the second quarter. Daiwa Securities Group Inc. now owns 8,296,851 shares of the real estate investment trust’s stock worth $1,799,587,000 after buying an additional 600,445 shares in the last quarter. Norges Bank purchased a new position in shares of Simon Property Group during the fourth quarter worth $114,083,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Simon Property Group during the first quarter worth $107,177,000. Virginia Retirement System purchased a new position in shares of Simon Property Group during the first quarter worth $60,353,000. Finally, PGGM Investments increased its position in shares of Simon Property Group by 6.1% in the second quarter. PGGM Investments now owns 4,179,904 shares of the real estate investment trust’s stock worth $906,621,000 after buying an additional 241,398 shares in the last quarter. Institutional investors own 98.56% of the company’s stock.
Simon Property Group Inc. (NYSE:SPG) remained flat at $213.49 on Friday. The stock had a trading volume of 1,208,891 shares. Simon Property Group Inc. has a 12 month low of $176.11 and a 12 month high of $229.10. The stock has a market capitalization of $67.09 billion, a P/E ratio of 37.92 and a beta of 0.76. The stock has a 50 day moving average price of $214.08 and a 200 day moving average price of $209.33.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.62 by $0.01. The business earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Simon Property Group had a net margin of 34.03% and a return on equity of 34.61%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.41 EPS. On average, equities research analysts predict that Simon Property Group Inc. will post $10.86 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were given a dividend of $1.65 per share. The ex-dividend date was Monday, August 15th. This represents a $6.60 annualized dividend and a yield of 3.09%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.60. Simon Property Group’s dividend payout ratio is presently 117.23%.
A number of equities analysts recently weighed in on the stock. Argus set a $245.00 target price on shares of Simon Property Group and gave the stock a “buy” rating in a research note on Thursday, August 11th. Canaccord Genuity lifted their target price on shares of Simon Property Group from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, August 16th. Vetr downgraded shares of Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $227.18 target price for the company. in a research note on Wednesday, June 15th. Goldman Sachs Group Inc. downgraded shares of Simon Property Group from a “conviction-buy” rating to a “buy” rating and lowered their target price for the stock from $243.00 to $236.00 in a research note on Monday, June 13th. Finally, Mizuho reissued a “buy” rating on shares of Simon Property Group in a research note on Thursday, May 26th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Simon Property Group presently has an average rating of “Buy” and a consensus target price of $236.00.
In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $215.68, for a total transaction of $1,509,760.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven K. Broadwater sold 945 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $215.41, for a total transaction of $203,562.45. Following the sale, the senior vice president now directly owns 2,965 shares of the company’s stock, valued at approximately $638,690.65. The disclosure for this sale can be found here. Company insiders own 8.50% of the company’s stock.
About Simon Property Group
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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