Allianz SE Sells 1,771 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Allianz SE sold 1,771 shares of Simon Property Group, decreasing its stake by 3.3%, and now holds 51,425 shares valued at approximately $8.54 million.
• Other institutional investors have also modified their positions, with Banco Santander increasing its stake by 101.3% to 147,640 shares valued at $24.52 million.
• Simon Property Group recently declared a quarterly dividend of $2.10, with an annualized payout of $8.40, representing a yield of 5.2%.

Allianz SE decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,425 shares of the real estate investment trust's stock after selling 1,771 shares during the quarter. Allianz SE's holdings in Simon Property Group were worth $8,541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG lifted its holdings in Simon Property Group by 75.3% during the 1st quarter. Raiffeisen Bank International AG now owns 3,077 shares of the real estate investment trust's stock valued at $505,000 after buying an additional 1,322 shares in the last quarter. Banco Santander S.A. increased its position in Simon Property Group by 101.3% during the 1st quarter. Banco Santander S.A. now owns 147,640 shares of the real estate investment trust's stock valued at $24,520,000 after purchasing an additional 74,304 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its position in Simon Property Group by 6.1% during the 1st quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 5,200 shares of the real estate investment trust's stock valued at $864,000 after purchasing an additional 300 shares during the period. PNC Financial Services Group Inc. increased its position in Simon Property Group by 1.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 365,707 shares of the real estate investment trust's stock valued at $60,737,000 after purchasing an additional 3,814 shares during the period. Finally, TIAA Trust National Association grew its position in shares of Simon Property Group by 33.5% in the 1st quarter. TIAA Trust National Association now owns 2,031 shares of the real estate investment trust's stock worth $337,000 after buying an additional 510 shares during the last quarter. Institutional investors own 93.01% of the company's stock.

Insider Buying and Selling

In other Simon Property Group news, Director Larry C. Glasscock bought 396 shares of the company's stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares of the company's stock, valued at $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Reuben S. Leibowitz bought 522 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $83,149.38. Following the acquisition, the director directly owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 2,386 shares of company stock worth $380,066 in the last 90 days. 8.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SPG shares. Piper Sandler cut their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Barclays started coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Stifel Nicolaus lifted their price objective on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Mizuho cut their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research report 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. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $182.73.

Simon Property Group Stock Performance

SPG opened at $160.67 on Friday. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a fifty day moving average price of $161.89 and a 200 day moving average price of $165.12. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The stock has a market cap of $52.45 billion, a P/E ratio of 25.58, a P/E/G ratio of 10.85 and a beta of 1.49.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, topping the consensus estimate of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.56 EPS. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Monday, June 9th. Simon Property Group's payout ratio is presently 133.76%.

About Simon Property Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.