Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,170 shares of the real estate investment trust’s stock after selling 2,619 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Simon Property Group worth $27,046,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Simon Property Group during the fourth quarter worth approximately $2,561,181,000. Vanguard Group Inc. lifted its holdings in Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Panagora Asset Management Inc. boosted its position in shares of Simon Property Group by 11,722.9% during the 4th quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after acquiring an additional 667,034 shares in the last quarter. Duff & Phelps Investment Management Co. increased its holdings in shares of Simon Property Group by 160.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after acquiring an additional 469,855 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Simon Property Group by 134.3% during the fourth quarter. Franklin Resources Inc. now owns 563,825 shares of the real estate investment trust’s stock worth $80,424,000 after purchasing an additional 323,168 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SPG. Stifel Nicolaus lifted their price target on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Scotiabank lifted their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research note on Thursday, May 16th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Evercore ISI lifted their target price on Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Finally, Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $153.95.

Simon Property Group Trading Up 0.4 %

NYSE:SPG traded up $0.60 on Wednesday, hitting $160.00. 247,405 shares of the stock were exchanged, compared to its average volume of 1,456,626. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $161.30. The stock has a market cap of $52.17 billion, a PE ratio of 20.31, a PEG ratio of 8.58 and a beta of 1.75. The stock has a fifty day moving average of $151.56 and a 200-day moving average of $149.34.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.88 EPS. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 5.13%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is presently 101.91%.

Insider Activity

In other news, Director Reuben S. Leibowitz acquired 486 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.50% of the company’s stock.

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.