Simon Property Group Inc (SPG) Position Cut by IBM Retirement Fund

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IBM Retirement Fund reduced its position in shares of Simon Property Group Inc (NYSE:SPG) by 13.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,910 shares of the real estate investment trust’s stock after selling 949 shares during the period. IBM Retirement Fund’s holdings in Simon Property Group were worth $1,006,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SPG. OppenheimerFunds Inc. boosted its stake in Simon Property Group by 10.3% during the second quarter. OppenheimerFunds Inc. now owns 67,999 shares of the real estate investment trust’s stock worth $11,573,000 after buying an additional 6,335 shares during the period. Van ECK Associates Corp purchased a new position in Simon Property Group during the second quarter worth about $15,858,000. Oregon Public Employees Retirement Fund boosted its stake in Simon Property Group by 2.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 34,019 shares of the real estate investment trust’s stock worth $5,790,000 after buying an additional 817 shares during the period. Korea Investment CORP boosted its stake in Simon Property Group by 6.7% during the second quarter. Korea Investment CORP now owns 178,160 shares of the real estate investment trust’s stock worth $30,321,000 after buying an additional 11,200 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in Simon Property Group during the second quarter worth about $295,000. Hedge funds and other institutional investors own 94.27% of the company’s stock.

Several brokerages have weighed in on SPG. ValuEngine raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a research note on Tuesday, June 5th. Barclays increased their target price on shares of Simon Property Group from $184.00 to $192.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 17th. BMO Capital Markets reaffirmed a “buy” rating and set a $175.00 target price on shares of Simon Property Group in a research note on Monday, July 30th. Jefferies Financial Group reaffirmed a “$170.72” rating and set a $194.00 target price on shares of Simon Property Group in a research note on Wednesday, July 18th. Finally, Mizuho reaffirmed a “buy” rating and set a $188.00 target price on shares of Simon Property Group in a research note on Wednesday, August 1st. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Simon Property Group presently has an average rating of “Buy” and a consensus price target of $188.23.

In related news, CAO Steven K. Broadwater sold 859 shares of the firm’s stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $170.28, for a total value of $146,270.52. Following the sale, the chief accounting officer now owns 1,734 shares of the company’s stock, valued at $295,265.52. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John Rulli sold 1,330 shares of the firm’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 disclosure for this sale can be found here. Company insiders own 8.64% of the company’s stock.

NYSE SPG opened at $182.41 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.13. Simon Property Group Inc has a one year low of $145.78 and a one year high of $183.89. The company has a market capitalization of $58.63 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.51 and a beta of 0.52.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. equities research analysts anticipate that Simon Property Group Inc will post 12.12 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Friday, August 17th were paid a $2.00 dividend. 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. This represents a $8.00 annualized dividend and a dividend yield of 4.39%. Simon Property Group’s dividend payout ratio (DPR) is presently 71.36%.

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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