AIA Group Ltd Acquires New Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• AIA Group Ltd purchased 11,000 shares of Simon Property Group, Inc. for approximately $1.83 million, signaling institutional interest in the real estate investment trust.
• Simon Property Group plans to issue a quarterly dividend of $2.15 per share, an increase from the previous $2.10, reflecting a dividend yield of 5.2%.
• Analysts have varying target prices for SPG shares, with an average target of $182.64 and multiple ratings ranging from "buy" to "neutral."

AIA Group Ltd acquired a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 11,000 shares of the real estate investment trust's stock, valued at approximately $1,827,000.

Other large investors have also recently made changes to their positions in the company. Nuveen LLC bought a new stake in Simon Property Group in the first quarter worth $724,937,000. Principal Financial Group Inc. boosted its holdings in Simon Property Group by 133.0% in the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock worth $532,529,000 after acquiring an additional 1,830,264 shares in the last quarter. Northern Trust Corp boosted its holdings in Simon Property Group by 45.9% in the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock worth $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. Resolution Capital Ltd bought a new stake in Simon Property Group in the fourth quarter worth $212,592,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in Simon Property Group in the first quarter worth $197,377,000. 93.01% of the stock is currently owned by institutional investors.

Insider Transactions at Simon Property Group

In other news, Director Larry C. Glasscock bought 396 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $63,078.84. Following the transaction, the director directly owned 43,185 shares in the company, valued at $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gary M. Rodkin acquired 246 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the purchase, the director owned 19,010 shares in the company, valued at $3,028,102.90. The trade was a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 2,386 shares of company stock worth $380,066. 8.66% of the stock is owned by corporate insiders.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $3.39 during trading on Wednesday, reaching $172.61. The stock had a trading volume of 1,660,271 shares, compared to its average volume of 1,441,292. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The business has a fifty day moving average price of $162.85 and a 200-day moving average price of $164.81. The stock has a market cap of $56.34 billion, a PE ratio of 26.68, a PEG ratio of 11.32 and a beta of 1.48. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business posted $2.90 earnings per share. The firm's revenue was up 13.9% compared to the same quarter last year. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 5.0%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Analyst Ratings Changes

Several equities research analysts have commented on SPG shares. Scotiabank boosted their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Barclays assumed coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Stifel Nicolaus set a $179.00 price target on Simon Property Group and gave the stock a "buy" rating in a research note on Tuesday, August 5th. JPMorgan Chase & Co. decreased their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Finally, Mizuho decreased their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $182.64.

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.