Teachers Retirement System of The State of Kentucky boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 9.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 142,342 shares of the real estate investment trust’s stock after buying an additional 12,478 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Simon Property Group were worth $23,025,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of SPG. Norway Savings Bank grew its position in Simon Property Group by 19.5% during the second quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock worth $124,000 after buying an additional 125 shares during the period. Bronfman E.L. Rothschild L.P. grew its position in Simon Property Group by 27.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 169 shares during the period. Alpha Windward LLC grew its position in Simon Property Group by 12.2% during the second quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock worth $138,000 after buying an additional 93 shares during the period. Israel Discount Bank of New York acquired a new position in Simon Property Group during the first quarter worth about $146,000. Finally, IHT Wealth Management LLC grew its position in Simon Property Group by 5.3% during the first quarter. IHT Wealth Management LLC now owns 911 shares of the real estate investment trust’s stock worth $155,000 after buying an additional 46 shares during the period. Institutional investors own 94.93% of the company’s stock.
Shares of Simon Property Group, Inc. (SPG) traded down 0.48% during trading on Friday, hitting $158.81. 855,107 shares of the stock were exchanged. Simon Property Group, Inc. has a 12-month low of $150.15 and a 12-month high of $215.56. The stock has a market cap of $49.36 billion, a price-to-earnings ratio of 28.30 and a beta of 0.58. The stock’s 50 day moving average is $159.49 and its 200-day moving average is $162.53.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.44 by $0.03. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the company earned $2.63 earnings per share. Simon Property Group’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts anticipate that Simon Property Group, Inc. will post $6.35 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 4.53%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date was Tuesday, August 15th. Simon Property Group’s payout ratio is presently 127.89%.
Several brokerages have weighed in on SPG. Jefferies Group LLC restated a “buy” rating and set a $190.00 target price on shares of Simon Property Group in a research report on Monday, July 17th. Boenning Scattergood set a $240.00 target price on shares of Simon Property Group and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Barclays PLC lowered their target price on shares of Simon Property Group from $191.00 to $188.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 18th. Argus lowered their price target on shares of Simon Property Group from $225.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, June 29th. Finally, Zacks Investment Research upgraded shares of Simon Property Group from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $193.76.
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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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