Simon Property Group Inc (SPG) Shares Sold by LGT Capital Partners LTD.

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LGT Capital Partners LTD. decreased its stake in shares of Simon Property Group Inc (NYSE:SPG) by 14.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,313 shares of the real estate investment trust’s stock after selling 6,521 shares during the quarter. LGT Capital Partners LTD.’s holdings in Simon Property Group were worth $6,595,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Advisor Group LLC purchased a new position in Simon Property Group during the 2nd quarter valued at about $668,000. BTC Capital Management Inc. increased its position in Simon Property Group by 2.7% during the 2nd quarter. BTC Capital Management Inc. now owns 32,678 shares of the real estate investment trust’s stock valued at $5,567,000 after purchasing an additional 851 shares during the period. Envestnet Asset Management Inc. increased its position in Simon Property Group by 219.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 14,317 shares of the real estate investment trust’s stock valued at $2,437,000 after purchasing an additional 9,842 shares during the period. Peapack Gladstone Financial Corp purchased a new position in Simon Property Group during the 2nd quarter valued at about $203,000. Finally, Centersquare Investment Management LLC increased its position in Simon Property Group by 7.3% during the 2nd quarter. Centersquare Investment Management LLC now owns 3,070,931 shares of the real estate investment trust’s stock valued at $522,642,000 after purchasing an additional 208,486 shares during the period. Institutional investors own 93.88% of the company’s stock.

Shares of Simon Property Group stock traded up $0.70 on Thursday, reaching $173.45. The stock had a trading volume of 28,319 shares, compared to its average volume of 1,636,588. 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 1 year low of $145.78 and a 1 year high of $186.03. The company has a market cap of $56.62 billion, a P/E ratio of 15.50, a PEG ratio of 2.43 and a beta of 0.53.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.38 billion. During the same quarter in the previous year, the firm earned $1.23 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, equities research analysts forecast that Simon Property Group Inc will post 12.12 EPS for the current fiscal year.

In other news, insider John Rulli sold 1,330 shares of Simon Property Group stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $177.05, for a total value of $235,476.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.64% of the stock is owned by insiders.

SPG has been the topic of a number of research reports. Jefferies Financial Group reissued a “$170.72” rating and set a $194.00 target price on shares of Simon Property Group in a research report on Wednesday, July 18th. Argus raised their target price on shares of Simon Property Group to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 11th. Citigroup raised their target price on shares of Simon Property Group from $187.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. BMO Capital Markets reissued a “buy” rating and set a $175.00 target price on shares of Simon Property Group in a research report on Monday, July 30th. Finally, Zacks Investment Research raised shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $197.00 target price on the stock in a research report on Thursday, October 4th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $192.31.

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.

Further Reading: Why does a company issue an IPO?

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

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