Summit Global Investments Increases Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Summit Global Investments raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,860 shares of the real estate investment trust’s stock after purchasing an additional 182 shares during the period. Summit Global Investments’ holdings in Simon Property Group were worth $3,592,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in Simon Property Group by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,637,529 shares of the real estate investment trust’s stock valued at $626,419,000 after buying an additional 64,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Simon Property Group by 617.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust’s stock valued at $539,393,000 after acquiring an additional 2,746,503 shares during the last quarter. Boston Partners grew its holdings in shares of Simon Property Group by 7.0% in the fourth quarter. Boston Partners now owns 2,504,500 shares of the real estate investment trust’s stock valued at $431,304,000 after purchasing an additional 162,764 shares in the last quarter. Amundi increased its position in Simon Property Group by 10.5% in the fourth quarter. Amundi now owns 1,728,738 shares of the real estate investment trust’s stock worth $301,088,000 after purchasing an additional 163,764 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Simon Property Group by 7.7% during the fourth quarter. Principal Financial Group Inc. now owns 1,376,194 shares of the real estate investment trust’s stock valued at $236,995,000 after purchasing an additional 98,366 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on SPG. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Mizuho upped their target price on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Scotiabank set a $186.00 target price on shares of Simon Property Group in a research report on Friday, February 28th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.33.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz bought 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the transaction, the director now owns 55,919 shares in the company, valued at $9,427,384.21. The trade was a 0.84 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.60% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $162.12 on Friday. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The firm has a market capitalization of $52.90 billion, a P/E ratio of 22.33, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. The company’s 50-day moving average is $176.11 and its 200 day moving average is $174.30.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio (DPR) is presently 115.70%.

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.