Silvercrest Asset Management Group LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) in the first quarter, Holdings Channel.com reports. The firm bought 1,328 shares of the real estate investment trust’s stock, valued at approximately $208,000.
A number of other hedge funds have also modified their holdings of SPG. Blue Trust Inc. raised its position in shares of Simon Property Group by 75.9% in the fourth quarter. Blue Trust Inc. now owns 767 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 331 shares during the last quarter. Global Retirement Partners LLC increased its position in Simon Property Group by 81.7% during the fourth quarter. Global Retirement Partners LLC now owns 823 shares of the real estate investment trust’s stock worth $120,000 after purchasing an additional 370 shares during the last quarter. Fifth Third Bancorp increased its position in Simon Property Group by 0.6% during the fourth quarter. Fifth Third Bancorp now owns 26,279 shares of the real estate investment trust’s stock worth $3,748,000 after purchasing an additional 158 shares during the last quarter. Webster Bank N. A. increased its position in Simon Property Group by 320.0% during the fourth quarter. Webster Bank N. A. now owns 420 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 320 shares during the last quarter. Finally, Vanderbilt University increased its position in Simon Property Group by 25.9% during the fourth quarter. Vanderbilt University now owns 13,784 shares of the real estate investment trust’s stock worth $1,966,000 after purchasing an additional 2,834 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.
Simon Property Group Trading Down 0.9 %
NYSE SPG opened at $153.44 on Thursday. The firm has a 50 day simple moving average of $150.08 and a 200-day simple moving average of $147.96. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. Simon Property Group, Inc. has a one year low of $102.11 and a one year high of $158.50. The firm has a market cap of $50.01 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 9.00 and a beta of 1.75.
Simon Property Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $2.00 dividend. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.21%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is currently 101.91%.
Insider Buying and Selling
In other news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was bought 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 directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. 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 report on Thursday, May 16th. Finally, 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 report on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.89.
Get Our Latest Research Report on SPG
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.
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