Simon Property Group, Inc. (SPG) Shares Sold by Tokio Marine Asset Management Co. Ltd.
Tokio Marine Asset Management Co. Ltd. lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 24.3% during the second quarter, Holdings Channel reports. The firm owned 3,598 shares of the real estate investment trust’s stock after selling 1,154 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Simon Property Group were worth $582,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Norway Savings Bank boosted its stake in 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 valued at $110,000 after buying an additional 275 shares during the period. Farmers & Merchants Investments Inc. boosted its position in 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 valued at $111,000 after buying an additional 50 shares during the last quarter. Alpha Windward LLC boosted its position in 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 valued at $131,000 after buying an additional 30 shares during the last quarter. Rockefeller Financial Services Inc. acquired a new position in Simon Property Group during the first quarter valued at about $138,000. Finally, Israel Discount Bank of New York acquired a new position in Simon Property Group during the first quarter valued at about $146,000. Institutional investors and hedge funds own 95.44% of the company’s stock.
Shares of Simon Property Group, Inc. (NYSE:SPG) opened at 164.53 on Friday. Simon Property Group, Inc. has a 1-year low of $150.15 and a 1-year high of $223.07. The stock’s 50 day moving average price is $160.11 and its 200 day moving average price is $168.14. The company has a market cap of $51.14 billion, a P/E ratio of 29.32 and a beta of 0.58.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results 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 return on equity of 39.29% and a net margin of 32.07%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the business posted $2.63 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts forecast that Simon Property Group, Inc. will post $6.28 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 $1.80 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date is Tuesday, August 15th. This represents a $7.20 annualized dividend and a dividend yield of 4.38%. Simon Property Group’s dividend payout ratio (DPR) is presently 124.33%.
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A number of research analysts have recently weighed in on the company. Deutsche Bank AG raised their price target on Simon Property Group from $188.00 to $191.00 and gave the company a “hold” rating in a research report on Monday, May 22nd. Zacks Investment Research raised Simon Property Group from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Barclays PLC reaffirmed an “overweight” rating and set a $191.00 price objective (down previously from $200.00) on shares of Simon Property Group in a research note on Monday, May 15th. Vetr raised Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $186.15 price target on the stock in a research note on Wednesday, April 26th. Finally, ValuEngine lowered Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $194.88.
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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