Kentucky Retirement Systems Sells 1,352 Shares of Simon Property Group, Inc. (NYSE:SPG)

Kentucky Retirement Systems decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,751 shares of the real estate investment trust’s stock after selling 1,352 shares during the quarter. Kentucky Retirement Systems’ holdings in Simon Property Group were worth $3,873,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at approximately $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group during the first quarter worth $26,000. Cape Investment Advisory Inc. raised its stake in shares of Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 192 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of Simon Property Group in the 1st quarter worth about $33,000. Finally, BOK Financial Private Wealth Inc. purchased a new position in shares of Simon Property Group during the 4th quarter worth about $34,000. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the subject of several analyst reports. Scotiabank raised their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Argus lifted their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.89.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the purchase, the director now owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Up 2.1 %

Shares of NYSE SPG traded up $3.14 during mid-day trading on Friday, reaching $152.45. 1,032,436 shares of the company were exchanged, compared to its average volume of 1,326,743. The stock has a market cap of $49.69 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 8.86 and a beta of 1.75. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm has a 50-day moving average of $149.67 and a 200 day moving average of $147.78. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $158.50.

Simon Property Group (NYSE:SPG) last posted its 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). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $2.74 EPS. The company’s revenue was up 6.8% on a year-over-year basis. On average, research analysts expect that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 5.25%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. Simon Property Group’s payout ratio is 101.91%.

Simon Property Group 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.