Legal & General Group Plc Purchases 125,505 Shares of Simon Property Group, Inc. (SPG)
Legal & General Group Plc boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.1% during the first quarter, Holdings Channel reports. The institutional investor owned 2,176,235 shares of the real estate investment trust’s stock after buying an additional 125,505 shares during the period. Legal & General Group Plc owned 0.68% of Simon Property Group worth $374,369,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. WINTON GROUP Ltd purchased a new stake in Simon Property Group during the first quarter valued at about $5,094,000. FDO Partners LLC purchased a new stake in Simon Property Group during the first quarter valued at about $1,771,000. Israel Discount Bank of New York purchased a new stake in Simon Property Group during the first quarter valued at about $146,000. Stephens Inc. AR increased its stake in Simon Property Group by 6.0% in the first quarter. Stephens Inc. AR now owns 45,907 shares of the real estate investment trust’s stock valued at $7,897,000 after buying an additional 2,579 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. increased its stake in Simon Property Group by 120.3% in the first quarter. Waratah Capital Advisors Ltd. now owns 89,761 shares of the real estate investment trust’s stock valued at $15,442,000 after buying an additional 49,011 shares in the last quarter. 95.14% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Simon Property Group, Inc. (SPG) traded down 0.29% during trading on Friday, hitting $160.26. The stock had a trading volume of 4,639,236 shares. The firm has a 50-day moving average of $158.97 and a 200 day moving average of $173.00. The company has a market capitalization of $50.03 billion, a P/E ratio of 27.42 and a beta of 0.61. Simon Property Group, Inc. has a 1-year low of $150.15 and a 1-year high of $229.10.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.76 by $0.02. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Simon Property Group had a net margin of 34.99% and a return on equity of 40.16%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $2.63 EPS. Equities research analysts predict that Simon Property Group, Inc. will post $6.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 17th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Monday, May 15th. Simon Property Group’s dividend payout ratio (DPR) is currently 119.66%.
Several analysts have issued reports on the company. Zacks Investment Research downgraded Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $158.00 price target (down previously from $180.00) on shares of Simon Property Group in a research note on Saturday, June 3rd. ValuEngine downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Mizuho raised Simon Property Group from a “neutral” rating to a “buy” rating and set a $178.00 price target on the stock in a research note on Tuesday, May 30th. Finally, Deutsche Bank AG lifted their price target on Simon Property Group from $188.00 to $191.00 and gave the company a “hold” rating in a research note on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $204.37.
In related news, Director Reuben S. Leibowitz acquired 1,400 shares of the stock in a transaction dated Tuesday, March 28th. The shares were purchased at an average price of $166.00 per share, for a total transaction of $232,400.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.42% of the company’s stock.
Simon Property Group Company Profile
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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