TD Asset Management Inc. Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)
TD Asset Management Inc. decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,119 shares of the real estate investment trust’s stock after selling 10,856 shares during the period. TD Asset Management Inc.’s holdings in Simon Property Group were worth $16,681,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Norway Savings Bank raised 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. raised its stake 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 period. Alpha Windward LLC raised its stake 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 period. Rockefeller Financial Services Inc. acquired a new stake in Simon Property Group during the first quarter valued at $138,000. Finally, Israel Discount Bank of New York acquired a new stake in Simon Property Group during the first quarter valued at $146,000. Hedge funds and other institutional investors own 95.64% of the company’s stock.
Simon Property Group, Inc. (SPG) opened at 157.89 on Friday. Simon Property Group, Inc. has a 1-year low of $150.15 and a 1-year high of $219.41. The firm has a market cap of $49.08 billion, a price-to-earnings ratio of 28.14 and a beta of 0.58. The company’s 50 day moving average is $160.84 and its 200-day moving average is $167.22.
Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, topping the Zacks’ 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 the consensus estimate of $1.37 billion. During the same period in the previous year, the firm posted $2.63 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. On average, analysts predict that Simon Property Group, Inc. will post $6.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be paid a $1.80 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 dividend on an annualized basis and a dividend yield of 4.56%. Simon Property Group’s payout ratio is currently 124.33%.
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Several research firms recently weighed in on SPG. Argus dropped their price objective on shares of 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. Morgan Stanley restated 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. Zacks Investment Research lowered shares of Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 14th. Boenning Scattergood set a $240.00 price target on shares of Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Finally, ValuEngine lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. The stock currently 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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