United Capital Financial Advisers LLC boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 14.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,171 shares of the real estate investment trust’s stock after buying an additional 3,173 shares during the period. United Capital Financial Advisers LLC’s holdings in Simon Property Group were worth $4,330,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Simon Property Group by 1,886.1% in the first quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock valued at $5,121,238,000 after buying an additional 28,270,599 shares in the last quarter. Norges Bank purchased a new stake in shares of Simon Property Group during the fourth quarter valued at $261,732,000. Vanguard Group Inc. raised its stake in shares of Simon Property Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock valued at $7,824,213,000 after buying an additional 923,592 shares in the last quarter. PGGM Investments raised its stake in shares of Simon Property Group by 31.8% in the first quarter. PGGM Investments now owns 3,473,850 shares of the real estate investment trust’s stock valued at $597,606,000 after buying an additional 839,043 shares in the last quarter. Finally, Brookfield Asset Management Inc. raised its stake in shares of Simon Property Group by 28.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 2,264,105 shares of the real estate investment trust’s stock valued at $402,264,000 after buying an additional 495,300 shares in the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.
Simon Property Group, Inc. (SPG) opened at 158.90 on Monday. Simon Property Group, Inc. has a 12 month low of $150.15 and a 12 month high of $229.10. The stock’s 50 day moving average price is $158.52 and its 200 day moving average price is $172.60. The firm has a market capitalization of $49.61 billion, a P/E ratio of 27.19 and a beta of 0.61.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.76 by $0.02. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.36 billion. Simon Property Group had a return on equity of 40.16% and a net margin of 34.99%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.63 EPS. On average, analysts forecast that Simon Property Group, Inc. will post $6.40 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 4.41%. The ex-dividend date was Monday, May 15th. Simon Property Group’s payout ratio is 119.66%.
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SPG has been the subject of several research analyst reports. Zacks Investment Research lowered Simon Property Group from a “hold” rating to a “sell” rating in a report on Monday, March 27th. Deutsche Bank AG lifted their target price on Simon Property Group from $188.00 to $191.00 and gave the company a “hold” rating in a research note on Monday, May 22nd. Barclays PLC restated an “overweight” rating and issued a $191.00 target price (down from $200.00) on shares of Simon Property Group in a research note on Monday, May 15th. Goldman Sachs Group, Inc. (The) downgraded Simon Property Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $207.00 to $185.00 in a research note on Friday, March 17th. Finally, Vetr upgraded Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $186.15 target price for the company in a research note on Wednesday, April 26th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $204.37.
In other news, Director Reuben S. Leibowitz acquired 1,400 shares of the company’s stock in a transaction dated Tuesday, March 28th. The stock was bought at an average price of $166.00 per share, with a total value of $232,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.42% 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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