Korea Investment CORP raised its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 149,951 shares of the real estate investment trust’s stock after buying an additional 9,571 shares during the period. Korea Investment CORP’s holdings in Simon Property Group were worth $24,256,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Norway Savings Bank boosted its position in shares of Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 275 shares during the period. Farmers & Merchants Investments Inc. boosted its position in shares of Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 50 shares during the period. Alpha Windward LLC boosted its position in shares of Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 30 shares during the period. Rockefeller Financial Services Inc. acquired a new position in shares of Simon Property Group during the first quarter worth about $138,000. Finally, Israel Discount Bank of New York acquired a new position in shares of Simon Property Group during the first quarter worth about $146,000. 95.77% of the stock is owned by institutional investors.
Shares of Simon Property Group, Inc. (NYSE:SPG) traded up 0.01% during mid-day trading on Thursday, hitting $157.97. 510,807 shares of the stock were exchanged. The firm has a market cap of $49.10 billion, a price-to-earnings ratio of 28.15 and a beta of 0.58. Simon Property Group, Inc. has a 52-week low of $150.15 and a 52-week high of $219.41. The stock has a 50-day moving average price of $160.67 and a 200 day moving average price of $166.61.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.03. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the company posted $2.63 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities research analysts expect that Simon Property Group, Inc. will post $6.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be issued a dividend of $1.80 per share. The ex-dividend date is Tuesday, August 15th. This represents a $7.20 annualized dividend and a dividend yield of 4.56%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. Simon Property Group’s dividend payout ratio is 127.89%.
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A number of brokerages recently issued reports on SPG. Boenning Scattergood set a $240.00 price target on shares of Simon Property Group and gave the company a “buy” rating in a research report on Wednesday, August 2nd. BidaskClub cut shares of Simon Property Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Barclays PLC raised their price objective on shares of Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th. Jefferies Group LLC restated a “buy” rating and set a $190.00 price objective on shares of Simon Property Group in a research note on Monday, July 17th. Finally, Stifel Nicolaus assumed coverage on shares of Simon Property Group in a research note on Friday, July 14th. They set a “hold” rating and a $170.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $195.01.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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