Alliancebernstein L.P. reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 6.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 939,032 shares of the real estate investment trust’s stock after selling 60,504 shares during the period. Alliancebernstein L.P. owned 0.30% of Simon Property Group worth $151,898,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Kissinger Financial Services LLC raised its position in Simon Property Group by 1.4% during the second quarter. Kissinger Financial Services LLC now owns 22,047 shares of the real estate investment trust’s stock valued at $3,566,000 after purchasing an additional 294 shares during the period. HPM Partners LLC purchased a new stake in Simon Property Group during the first quarter valued at approximately $2,755,000. Principal Financial Group Inc. raised its position in Simon Property Group by 9.7% during the second quarter. Principal Financial Group Inc. now owns 6,112,741 shares of the real estate investment trust’s stock valued at $988,797,000 after purchasing an additional 542,743 shares during the period. Partners Value Investments LP purchased a new stake in Simon Property Group during the second quarter valued at approximately $11,647,000. Finally, Private Advisor Group LLC raised its position in Simon Property Group by 16.6% during the first quarter. Private Advisor Group LLC now owns 5,150 shares of the real estate investment trust’s stock valued at $877,000 after purchasing an additional 734 shares during the period. Institutional investors own 95.16% of the company’s stock.
A number of equities research analysts have issued reports on the company. Jefferies Group LLC restated a “buy” rating and set a $190.00 price objective on shares of Simon Property Group in a research report on Monday, July 17th. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. BMO Capital Markets assumed coverage on Simon Property Group in a research note on Monday, September 11th. They set an “outperform” rating and a $175.00 target price on the stock. Zacks Investment Research cut Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, Argus cut their target price on Simon Property Group from $225.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $193.76.
Shares of Simon Property Group, Inc. (NYSE:SPG) traded up 0.62% during mid-day trading on Friday, hitting $164.77. The stock had a trading volume of 2,811,561 shares. The firm has a market cap of $51.22 billion, a PE ratio of 29.37 and a beta of 0.58. Simon Property Group, Inc. has a 12 month low of $150.15 and a 12 month high of $215.56. The stock’s 50-day moving average is $159.43 and its 200 day moving average is $163.10.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, topping 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business earned $2.63 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. Equities research analysts predict that Simon Property Group, Inc. will post $6.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were issued a $1.80 dividend. The ex-dividend date was Tuesday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 annualized dividend and a dividend yield of 4.37%. Simon Property Group’s payout ratio is 127.89%.
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Simon Property Group 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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