Finivi Inc. bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 7,813 shares of the real estate investment trust's stock, valued at approximately $1,747,000.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Simon Property Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 46,969,966 shares of the real estate investment trust's stock worth $8,694,610,000 after buying an additional 286,464 shares in the last quarter. State Street Corp boosted its holdings in shares of Simon Property Group by 1.5% in the 3rd quarter. State Street Corp now owns 21,765,492 shares of the real estate investment trust's stock worth $4,084,730,000 after acquiring an additional 312,995 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Simon Property Group by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 10,572,677 shares of the real estate investment trust's stock worth $1,950,967,000 after acquiring an additional 363,337 shares in the last quarter. Capital World Investors boosted its holdings in shares of Simon Property Group by 2.7% in the 4th quarter. Capital World Investors now owns 8,610,404 shares of the real estate investment trust's stock worth $1,593,872,000 after acquiring an additional 226,271 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Simon Property Group by 6.1% during the 1st quarter. Bank of America Corp DE now owns 8,503,133 shares of the real estate investment trust's stock worth $1,586,089,000 after acquiring an additional 491,519 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.
Insiders Place Their Bets
In related news, Director Daniel C. Smith bought 372 shares of the business's stock in a transaction on Tuesday, June 30th. The shares were purchased at an average price of $223.31 per share, with a total value of $83,071.32. Following the completion of the purchase, the director owned 34,480 shares of the company's stock, valued at $7,699,728.80. This represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Larry C. Glasscock bought 397 shares of Simon Property Group stock in a transaction on Tuesday, June 30th. The shares were bought at an average price of $223.38 per share, for a total transaction of $88,681.86. Following the acquisition, the director owned 45,902 shares of the company's stock, valued at approximately $10,253,588.76. The trade was a 0.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 2,387 shares of company stock valued at $533,056 in the last ninety days. 8.73% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on SPG shares. Scotiabank raised their price target on Simon Property Group from $206.00 to $220.00 and gave the company a "sector perform" rating in a report on Thursday, June 18th. Weiss Ratings upgraded Simon Property Group from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, July 14th. Barclays raised their target price on Simon Property Group from $212.00 to $213.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Stifel Nicolaus lifted their price target on Simon Property Group from $185.00 to $194.00 and gave the company a "hold" rating in a report on Tuesday, May 12th. Finally, UBS Group upped their price target on shares of Simon Property Group from $199.00 to $222.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average target price of $216.14.
View Our Latest Report on SPG
Simon Property Group Trading Down 0.2%
SPG opened at $222.56 on Monday. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $72.17 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 2.88 and a beta of 1.30. The firm has a 50 day simple moving average of $220.80 and a 200 day simple moving average of $204.84. Simon Property Group, Inc. has a fifty-two week low of $163.29 and a fifty-two week high of $238.50.
Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The real estate investment trust reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.54 billion. Simon Property Group had a net margin of 70.60% and a return on equity of 104.54%. The business's revenue for the quarter was up 19.3% on a year-over-year basis. During the same period last year, the firm earned $2.95 earnings per share. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 13.21 earnings per share for the current year.
Simon Property Group Company Profile
(
Free Report)
Simon Property Group, Inc NYSE: SPG is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon's portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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