Itau Unibanco Holding S.A. Invests $295,000 in Simon Property Group Inc (SPG)

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Itau Unibanco Holding S.A. purchased a new stake in shares of Simon Property Group Inc (NYSE:SPG) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 1,736 shares of the real estate investment trust’s stock, valued at approximately $295,000.

Several other institutional investors also recently made changes to their positions in SPG. Kaizen Advisory LLC grew its holdings in shares of Simon Property Group by 138.1% during the 2nd quarter. Kaizen Advisory LLC now owns 712 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 413 shares during the last quarter. Peapack Gladstone Financial Corp bought a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $203,000. Cumberland Partners Ltd bought a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $204,000. Murphy Capital Management Inc. bought a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $205,000. Finally, Pitcairn Co. bought a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $213,000. 94.27% of the stock is currently owned by institutional investors.

SPG opened at $182.41 on Thursday. Simon Property Group Inc has a fifty-two week low of $145.78 and a fifty-two week high of $183.89. The company has a debt-to-equity ratio of 6.13, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $58.63 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 2.51 and a beta of 0.52.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.13. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the firm posted $1.23 EPS. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. equities research analysts forecast that Simon Property Group Inc will post 12.12 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 31st. Shareholders of record on Friday, August 17th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 4.39%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.94. The ex-dividend date of this dividend was Thursday, August 16th. Simon Property Group’s payout ratio is presently 71.36%.

In other Simon Property Group news, insider John Rulli sold 1,330 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $177.05, for a total transaction of $235,476.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Steven K. Broadwater sold 859 shares of the company’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $170.28, for a total transaction of $146,270.52. Following the completion of the sale, the chief accounting officer now directly owns 1,734 shares in the company, valued at $295,265.52. The disclosure for this sale can be found here. Insiders own 8.64% of the company’s stock.

SPG has been the topic of several research reports. ValuEngine raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 5th. Barclays lifted their price target on shares of Simon Property Group from $184.00 to $192.00 and gave the company an “overweight” rating in a report on Tuesday, July 17th. Jefferies Financial Group reaffirmed a “$170.72” rating and set a $194.00 price target on shares of Simon Property Group in a report on Wednesday, July 18th. BMO Capital Markets reaffirmed a “buy” rating and set a $175.00 price target on shares of Simon Property Group in a report on Monday, July 30th. Finally, Wells Fargo & Co lifted their price target on shares of Simon Property Group from $175.00 to $183.00 and gave the company an “outperform” rating in a report on Tuesday, July 31st. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Simon Property Group currently has a consensus rating of “Buy” and an average target price of $188.23.

Simon Property Group Company Profile

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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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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