Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Simon Property Group Inc (NYSE:SPG) by 17.0% during the first quarter, Holdings Channel reports. The fund owned 281,208 shares of the real estate investment trust’s stock after acquiring an additional 40,795 shares during the period. Simon Property Group makes up approximately 0.8% of Sumitomo Mitsui Asset Management Company LTD’s holdings, making the stock its 25th biggest holding. Sumitomo Mitsui Asset Management Company LTD’s holdings in Simon Property Group were worth $51,238,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the business. Advisors Asset Management Inc. raised its position in shares of Simon Property Group by 58.7% in the 4th quarter. Advisors Asset Management Inc. now owns 18,243 shares of the real estate investment trust’s stock valued at $3,065,000 after acquiring an additional 6,751 shares during the period. Flagship Harbor Advisors LLC boosted its position in Simon Property Group by 13.3% during the first quarter. Flagship Harbor Advisors LLC now owns 527 shares of the real estate investment trust’s stock worth $96,000 after purchasing an additional 62 shares during the period. Van ECK Associates Corp boosted its position in Simon Property Group by 9.1% during the fourth quarter. Van ECK Associates Corp now owns 107,648 shares of the real estate investment trust’s stock worth $18,084,000 after purchasing an additional 8,985 shares during the period. Whittier Trust Co. boosted its position in Simon Property Group by 21.4% during the fourth quarter. Whittier Trust Co. now owns 1,915 shares of the real estate investment trust’s stock worth $321,000 after purchasing an additional 338 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Simon Property Group during the first quarter worth $1,042,000. 96.49% of the stock is currently owned by hedge funds and other institutional investors.
SPG traded up $1.30 during trading on Wednesday, hitting $177.55. The company’s stock had a trading volume of 24,911 shares, compared to its average volume of 1,260,456. Simon Property Group Inc has a twelve month low of $152.50 and a twelve month high of $191.49. The company has a debt-to-equity ratio of 6.34, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $54.07 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 3.18 and a beta of 0.54.
Simon Property Group declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.62%. The ex-dividend date is Thursday, May 16th. Simon Property Group’s dividend payout ratio (DPR) is presently 67.60%.
SPG has been the subject of a number of analyst reports. Barclays reaffirmed a “buy” rating and issued a $202.00 price target on shares of Simon Property Group in a research note on Tuesday, April 16th. Mizuho cut Simon Property Group to a “hold” rating and set a $193.00 target price on the stock. in a research report on Tuesday, February 26th. Wells Fargo & Co cut Simon Property Group from an “overweight” rating to a “market weight” rating in a report on Friday, February 8th. Finally, BMO Capital Markets restated a “buy” rating and set a $191.00 price target on shares of Simon Property Group in a report on Friday, February 1st. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Simon Property Group currently has a consensus rating of “Hold” and an average target price of $192.14.
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About Simon Property Group
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
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