National Bank of Canada FI Acquires 115,696 Shares of Simon Property Group, Inc. (NYSE:SPG)

National Bank of Canada FI grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 126.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 207,027 shares of the real estate investment trust’s stock after purchasing an additional 115,696 shares during the quarter. National Bank of Canada FI owned about 0.06% of Simon Property Group worth $29,611,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. DT Investment Partners LLC lifted its stake in shares of Simon Property Group by 714.3% during the third quarter. DT Investment Partners LLC now owns 228 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 200 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in Simon Property Group during the 4th quarter worth about $34,000. Selway Asset Management acquired a new position in Simon Property Group during the 3rd quarter valued at about $26,000. Bruce G. Allen Investments LLC acquired a new position in Simon Property Group during the 4th quarter valued at about $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Simon Property Group in the 3rd quarter valued at about $33,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE:SPG opened at $145.38 on Tuesday. The stock has a 50 day simple moving average of $148.11 and a 200 day simple moving average of $138.68. The stock has a market cap of $47.38 billion, a P/E ratio of 20.70, a PEG ratio of 7.50 and a beta of 1.68. Simon Property Group, Inc. has a 1-year low of $100.17 and a 1-year high of $157.82. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.74 earnings per share. Research analysts anticipate that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group declared that its Board of Directors has initiated a share repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.50%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 111.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SPG shares. Morgan Stanley increased their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial lifted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI raised their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $140.22.

Simon Property Group Company Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.