Forsta AP Fonden increased its stake in Simon Property Group Inc (NYSE:SPG) by 3.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 48,750 shares of the real estate investment trust’s stock after acquiring an additional 1,500 shares during the period. Forsta AP Fonden’s holdings in Simon Property Group were worth $8,883,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in SPG. Oregon Public Employees Retirement Fund raised its stake in Simon Property Group by 33,036.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,272,633 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 11,238,614 shares in the last quarter. Norges Bank bought a new position in Simon Property Group in the fourth quarter worth about $490,827,000. FMR LLC raised its stake in Simon Property Group by 19.8% in the fourth quarter. FMR LLC now owns 8,049,529 shares of the real estate investment trust’s stock worth $1,352,241,000 after buying an additional 1,331,005 shares in the last quarter. Swedbank bought a new position in Simon Property Group in the fourth quarter worth about $159,783,000. Finally, BlackRock Inc. raised its stake in Simon Property Group by 2.5% in the fourth quarter. BlackRock Inc. now owns 31,228,680 shares of the real estate investment trust’s stock worth $5,246,108,000 after buying an additional 763,535 shares in the last quarter. 96.49% of the stock is owned by institutional investors.
In other news, insider John Rulli sold 9,160 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $176.17, for a total transaction of $1,613,717.20. Following the sale, the insider now owns 29,646 shares in the company, valued at $5,222,735.82. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 8.75% of the company’s stock.
Shares of NYSE SPG opened at $173.81 on Monday. Simon Property Group Inc has a fifty-two week low of $152.50 and a fifty-two week high of $191.49. The company has a market cap of $53.63 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 3.17 and a beta of 0.54. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 6.34.
Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $3.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.02 by $0.02. Simon Property Group had a net margin of 41.45% and a return on equity of 62.69%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the firm earned $2.00 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, sell-side analysts anticipate that Simon Property Group Inc will post 12.38 EPS for the current year.
Simon Property Group announced that its board has approved a share buyback plan on Tuesday, February 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date of this dividend is Thursday, May 16th. Simon Property Group’s dividend payout ratio is 67.60%.
SPG has been the subject of a number of research reports. Mizuho downgraded shares of Simon Property Group to a “hold” rating and set a $193.00 price target for the company. in a research note on Tuesday, February 26th. Wells Fargo & Co downgraded shares of Simon Property Group from an “overweight” rating to a “market weight” rating in a research note on Friday, February 8th. BMO Capital Markets reaffirmed a “buy” rating and set a $191.00 target price on shares of Simon Property Group in a research note on Friday, February 1st. Finally, Barclays reaffirmed a “buy” rating and set a $202.00 target price on shares of Simon Property Group in a research note on Tuesday, April 16th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $192.14.
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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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