Public Sector Pension Investment Board Grows Stake in Simon Property Group, Inc. (NYSE:SPG)

Public Sector Pension Investment Board grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 17.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,279 shares of the real estate investment trust’s stock after purchasing an additional 6,652 shares during the period. Public Sector Pension Investment Board’s holdings in Simon Property Group were worth $6,873,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SPG. Lighthouse Investment Partners LLC purchased a new stake in Simon Property Group in the fourth quarter valued at about $5,706,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after purchasing an additional 3,626 shares during the last quarter. Napa Wealth Management acquired a new stake in Simon Property Group in the 4th quarter worth approximately $3,151,000. Aspiriant LLC purchased a new stake in Simon Property Group during the 1st quarter worth approximately $1,139,000. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Simon Property Group by 333.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,531 shares of the real estate investment trust’s stock valued at $3,839,000 after purchasing an additional 18,872 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPG. Scotiabank lifted their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price target (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Stock Up 1.2 %

Simon Property Group stock opened at $170.11 on Wednesday. The business’s 50-day moving average price is $159.93 and its 200 day moving average price is $152.40. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a market cap of $55.46 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 9.21 and a beta of 1.74. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $170.87.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business earned $2.88 EPS. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $2.05 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.82%. Simon Property Group’s payout ratio is presently 104.46%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.