Simon Property Group, Inc. (SPG) Stake Cut by Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 989,440 shares of the real estate investment trust’s stock after selling 30,750 shares during the period. Simon Property Group accounts for approximately 2.3% of Duff & Phelps Investment Management Co.’s holdings, making the stock its 2nd largest position. Duff & Phelps Investment Management Co.’s holdings in Simon Property Group were worth $160,052,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norway Savings Bank increased its position 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 in the last quarter. Farmers & Merchants Investments Inc. increased 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 in the last quarter. Alpha Windward LLC increased 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 worth $131,000 after buying an additional 30 shares during the period. Rockefeller Financial Services Inc. bought a new position in Simon Property Group during the first quarter worth $138,000. Finally, Israel Discount Bank of New York bought a new position in Simon Property Group during the first quarter worth $146,000. 95.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Simon Property Group, Inc. (NYSE:SPG) opened at 161.15 on Friday. Simon Property Group, Inc. has a 52 week low of $150.15 and a 52 week high of $219.41. The firm has a market cap of $50.09 billion, a P/E ratio of 28.72 and a beta of 0.58. The company’s 50-day moving average price is $160.87 and its 200 day moving average price is $167.42.
Simon Property Group (NYSE:SPG) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.03. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. Simon Property Group’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.63 earnings per share. On average, equities analysts anticipate that Simon Property Group, Inc. will post $6.43 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be issued a $1.80 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $7.20 annualized dividend and a yield of 4.47%. Simon Property Group’s payout ratio is presently 124.33%.
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A number of research firms have recently weighed in on SPG. Boenning Scattergood set a $240.00 price target on Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Barclays PLC increased their price target on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday. Jefferies Group LLC reissued a “buy” rating and issued a $190.00 price target on shares of Simon Property Group in a research note on Monday, July 17th. Stifel Nicolaus began coverage on Simon Property Group in a research note on Friday, July 14th. They issued a “hold” rating and a $170.00 price target on the stock. Finally, BidaskClub raised Simon Property Group from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Simon Property Group presently has an average rating of “Buy” and a consensus target price of $195.01.
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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