First Hawaiian Bank Lowers Stock Position in Simon Property Group, Inc. (NYSE:SPG)

First Hawaiian Bank cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,502 shares of the real estate investment trust’s stock after selling 107 shares during the period. First Hawaiian Bank’s holdings in Simon Property Group were worth $683,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Simon Property Group by 1.5% during the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after purchasing an additional 672,941 shares during the period. Norges Bank acquired a new stake in Simon Property Group in the fourth quarter valued at $2,561,181,000. Charles Schwab Investment Management Inc. lifted its holdings in Simon Property Group by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock valued at $504,611,000 after acquiring an additional 72,645 shares during the period. Boston Partners lifted its holdings in Simon Property Group by 4.2% in the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after acquiring an additional 92,648 shares during the period. Finally, Centersquare Investment Management LLC lifted its holdings in Simon Property Group by 4.5% in the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after acquiring an additional 78,866 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average cost of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 2.0 %

NYSE SPG traded down $3.02 on Monday, reaching $148.05. The company had a trading volume of 2,048,371 shares, compared to its average volume of 1,471,201. The firm has a market capitalization of $48.26 billion, a PE ratio of 19.09, a P/E/G ratio of 8.78 and a beta of 1.75. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $158.50. The firm has a 50-day moving average of $150.32 and a 200-day moving average of $148.08. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.74 EPS. On average, equities research analysts anticipate that Simon Property Group, Inc. will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.54%. Simon Property Group’s dividend payout ratio is 101.91%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SPG shares. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Scotiabank lifted their price objective on 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 objective on Simon Property Group from $157.00 to $168.00 and gave the stock 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $149.89.

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.