McGinn Penninger Investment Management Inc. Has $4.67 Million Position in Simon Property Group, Inc. (NYSE:SPG)

McGinn Penninger Investment Management Inc. cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,744 shares of the real estate investment trust’s stock after selling 85 shares during the period. Simon Property Group accounts for about 3.2% of McGinn Penninger Investment Management Inc.’s investment portfolio, making the stock its 13th largest position. McGinn Penninger Investment Management Inc.’s holdings in Simon Property Group were worth $4,667,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc increased its holdings in shares of Simon Property Group by 9.1% during the 4th quarter. TD Asset Management Inc now owns 118,933 shares of the real estate investment trust’s stock worth $16,965,000 after purchasing an additional 9,887 shares during the period. Scotia Capital Inc. lifted its position in shares of Simon Property Group by 14.0% in the 4th quarter. Scotia Capital Inc. now owns 7,397 shares of the real estate investment trust’s stock worth $1,055,000 after acquiring an additional 910 shares during the period. Bank of Nova Scotia grew its holdings in shares of Simon Property Group by 33.5% during the 4th quarter. Bank of Nova Scotia now owns 40,496 shares of the real estate investment trust’s stock worth $5,776,000 after purchasing an additional 10,162 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Simon Property Group by 1.7% during the fourth quarter. California State Teachers Retirement System now owns 526,072 shares of the real estate investment trust’s stock valued at $75,039,000 after purchasing an additional 8,577 shares during the period. Finally, KBC Group NV increased its position in shares of Simon Property Group by 252.5% during the fourth quarter. KBC Group NV now owns 271,041 shares of the real estate investment trust’s stock valued at $38,661,000 after purchasing an additional 194,160 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Price Performance

Shares of SPG opened at $169.02 on Tuesday. The stock has a market cap of $55.09 billion, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 9.32 and a beta of 1.74. The stock’s 50-day moving average price is $160.99 and its two-hundred day moving average price is $152.90. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $170.87.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $2.88 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a $2.05 dividend. The ex-dividend date of this dividend was Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.85%. Simon Property Group’s payout ratio is currently 104.46%.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of recent research reports. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho lifted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Argus increased their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, Scotiabank boosted their price target on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group 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.