Parnassus Investments LLC Acquires 8,619 Shares of Simon Property Group, Inc. (NYSE:SPG)

Parnassus Investments LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 718,854 shares of the real estate investment trust’s stock after acquiring an additional 8,619 shares during the period. Parnassus Investments LLC owned 0.22% of Simon Property Group worth $121,501,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SPG. Opal Wealth Advisors LLC bought a new position in Simon Property Group in the 2nd quarter worth $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group in the first quarter worth about $26,000. Wetzel Investment Advisors Inc. bought a new position in shares of Simon Property Group in the second quarter worth about $27,000. RFP Financial Group LLC lifted its position in shares of Simon Property Group by 727.3% during the 2nd quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in shares of Simon Property Group during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.3 %

Shares of SPG opened at $180.85 on Tuesday. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $59.01 billion, a price-to-earnings ratio of 24.08, a price-to-earnings-growth ratio of 10.52 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $119.92 and a 1 year high of $182.84. The business’s 50 day simple moving average is $171.15 and its 200-day simple moving average is $159.25.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company earned $3.20 EPS. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.79 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 4.64%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. Simon Property Group’s dividend payout ratio (DPR) is presently 109.19%.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 8.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SPG shares. Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $162.78.

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.