Hudson Canyon Capital Management Takes $2.24 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Hudson Canyon Capital Management initiated a new position in Simon Property Group by acquiring 13,500 shares valued at approximately $2.24 million, making it the firm's 20th largest holding.
• Simon Property Group announced an increase in its quarterly dividend to $2.15 per share, representing an annualized dividend of $8.60 with a yield of 5.2%.
• Institutional investors own approximately 93.01% of Simon Property Group's stock, indicating strong institutional interest in the real estate investment trust.

Hudson Canyon Capital Management purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 13,500 shares of the real estate investment trust's stock, valued at approximately $2,242,000. Simon Property Group comprises 1.6% of Hudson Canyon Capital Management's holdings, making the stock its 20th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPG. Park Square Financial Group LLC raised its stake in shares of Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Simon Property Group by 185.0% in the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 111 shares during the last quarter. Continuum Advisory LLC raised its stake in shares of Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 156 shares during the last quarter. Colonial Trust Co SC raised its stake in shares of Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 57 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its holdings in shares of Simon Property Group by 77.2% during the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 95 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Piper Sandler reduced their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Scotiabank upped their price objective on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Barclays initiated coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective on the stock. Finally, Mizuho cut their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $182.64.

Insider Buying and Selling

In other Simon Property Group news, Director Larry C. Glasscock acquired 396 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the transaction, the director owned 43,185 shares in the company, valued at $6,878,938.65. The trade was a 0.93% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glyn Aeppel acquired 234 shares of the 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 $37,273.86. Following the completion of the transaction, the director owned 19,057 shares in the company, valued at approximately $3,035,589.53. This represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 2,386 shares of company stock worth $380,066 over the last 90 days. 8.66% of the stock is owned by insiders.

Simon Property Group Price Performance

SPG traded down $1.27 during trading on Friday, hitting $165.08. The company's stock had a trading volume of 1,109,102 shares, compared to its average volume of 1,468,088. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The firm has a market capitalization of $53.89 billion, a price-to-earnings ratio of 25.51, a P/E/G ratio of 11.03 and a beta of 1.48. The company has a current ratio of 1.23, a quick ratio of 1.45 and a debt-to-equity ratio of 9.05. The business's fifty day simple moving average is $162.44 and its 200 day simple moving average is $164.86.

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 research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 5.2%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is presently 132.92%.

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.