Sei Investments Co. increased its position in shares of Simon Property Group Inc (NYSE:SPG) by 4.0% during the first quarter, Holdings Channel reports. The firm owned 656,112 shares of the real estate investment trust’s stock after buying an additional 25,241 shares during the period. Simon Property Group comprises approximately 0.5% of Sei Investments Co.’s investment portfolio, making the stock its 24th largest position. Sei Investments Co.’s holdings in Simon Property Group were worth $112,871,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norway Savings Bank increased its position in Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 275 shares during the last quarter. Farmers & Merchants Investments Inc. increased its position in Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 50 shares during the last quarter. Bessemer Group Inc. increased its position in Simon Property Group by 13.4% in the fourth quarter. Bessemer Group Inc. now owns 718 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 85 shares during the last quarter. Alpha Windward LLC increased its position in Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 30 shares during the last quarter. Finally, Israel Discount Bank of New York GFN acquired a new position in Simon Property Group during the fourth quarter valued at $142,000. Institutional investors own 97.40% of the company’s stock.
Shares of Simon Property Group Inc (NYSE:SPG) traded up 2.12% during mid-day trading on Friday, hitting $157.28. 2,769,746 shares of the stock traded hands. The firm has a 50 day moving average of $167.31 and a 200 day moving average of $176.63. Simon Property Group Inc has a 12 month low of $152.09 and a 12 month high of $229.10. The stock has a market cap of $49.24 billion, a price-to-earnings ratio of 26.79 and a beta of 0.60.
Simon Property Group (NYSE:SPG) last posted its earnings results on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by $0.02. Simon Property Group had a net margin of 35.11% and a return on equity of 39.00%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the firm earned $2.63 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts expect that Simon Property Group Inc will post $6.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th will be given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date is Monday, May 15th. Simon Property Group’s dividend payout ratio is presently 119.25%.
SPG has been the topic of several recent research reports. BTIG Research reiterated a “buy” rating and issued a $231.00 price target on shares of Simon Property Group in a research report on Wednesday, February 1st. Hilliard Lyons upgraded shares of Simon Property Group from a “neutral” rating to a “buy” rating and set a $197.00 price target on the stock in a research report on Friday, March 17th. They noted that the move was a valuation call. Canaccord Genuity decreased their price target on shares of Simon Property Group from $250.00 to $224.00 and set a “buy” rating on the stock in a research report on Monday, March 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $210.00 price target on shares of Simon Property Group in a research report on Monday, April 17th. Finally, Vetr downgraded shares of Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $186.15 price target on the stock. in a research report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $212.32.
In related news, Director Reuben S. Leibowitz acquired 1,400 shares of Simon Property Group stock in a transaction on Tuesday, March 28th. The stock was bought at an average cost of $166.00 per share, for a total transaction of $232,400.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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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