Glenmede Trust Co. NA Has $33.37 Million Stake in Simon Property Group Inc (SPG)

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Glenmede Trust Co. NA lifted its position in Simon Property Group Inc (NYSE:SPG) by 41.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 196,085 shares of the real estate investment trust’s stock after buying an additional 57,226 shares during the period. Glenmede Trust Co. NA’s holdings in Simon Property Group were worth $33,372,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dynamic Advisor Solutions LLC lifted its position in Simon Property Group by 2.5% during the second quarter. Dynamic Advisor Solutions LLC now owns 11,601 shares of the real estate investment trust’s stock valued at $1,974,000 after purchasing an additional 285 shares during the period. Garland Capital Management Inc. lifted its position in Simon Property Group by 1.5% during the second quarter. Garland Capital Management Inc. now owns 21,690 shares of the real estate investment trust’s stock valued at $3,691,000 after purchasing an additional 320 shares during the period. Alps Advisors Inc. lifted its position in Simon Property Group by 2.0% during the second quarter. Alps Advisors Inc. now owns 16,519 shares of the real estate investment trust’s stock valued at $2,837,000 after purchasing an additional 320 shares during the period. Bogart Wealth LLC lifted its position in Simon Property Group by 3.2% during the second quarter. Bogart Wealth LLC now owns 11,163 shares of the real estate investment trust’s stock valued at $1,899,000 after purchasing an additional 341 shares during the period. Finally, HL Financial Services LLC lifted its position in Simon Property Group by 7.1% during the second quarter. HL Financial Services LLC now owns 5,459 shares of the real estate investment trust’s stock valued at $929,000 after purchasing an additional 364 shares during the period. Hedge funds and other institutional investors own 93.85% of the company’s stock.

Shares of SPG stock opened at $180.11 on Friday. Simon Property Group Inc has a 12 month low of $145.78 and a 12 month high of $186.03. The company has a market cap of $58.11 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 2.49 and a beta of 0.52. The company has a debt-to-equity ratio of 6.13, a current ratio of 1.13 and a quick ratio of 1.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, beating 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 business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the company earned $1.23 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. research analysts predict that Simon Property Group Inc will post 12.12 earnings per share for the current 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 is a boost from Simon Property Group’s previous quarterly dividend of $1.94. This represents a $8.00 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Thursday, August 16th. Simon Property Group’s dividend payout ratio is currently 71.36%.

A number of research analysts recently weighed in on SPG shares. Jefferies Financial Group restated a “$170.72” rating and set a $194.00 price objective on shares of Simon Property Group in a research report on Wednesday, July 18th. Bank of America increased their price objective on shares of Simon Property Group from $193.00 to $203.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Barclays increased their price objective on shares of Simon Property Group from $184.00 to $192.00 and gave the company an “overweight” rating in a research report on Tuesday, July 17th. Wells Fargo & Co increased their price objective on shares of Simon Property Group from $175.00 to $183.00 and gave the company an “outperform” rating in a research report on Tuesday, July 31st. Finally, Royal Bank of Canada increased their price objective on shares of Simon Property Group to $183.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $189.29.

In other Simon Property Group news, CAO Steven K. Broadwater sold 859 shares of the company’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 transaction of $146,270.52. Following the completion of the sale, the chief accounting officer now directly 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 link. Also, insider John Rulli sold 1,330 shares of the company’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. 8.64% of the stock is currently owned by corporate insiders.

Simon Property Group 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.

Further Reading: What Is An Exchange-Traded Fund (ETF)?

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

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