Simon Property Group, Inc. (NYSE:SPG) Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has increased its stake in Simon Property Group by 3.0%, holding approximately 4.85 million shares worth $805.85 million.
• Simon Property Group recently raised its quarterly dividend from $2.10 to $2.15 per share, reflecting an annualized dividend yield of 5.2%.
• The company's stock has a market capitalization of $53.89 billion and reported quarterly earnings per share of $3.05, surpassing analysts' expectations.

JPMorgan Chase & Co. increased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,852,195 shares of the real estate investment trust's stock after buying an additional 141,657 shares during the period. JPMorgan Chase & Co. owned about 1.49% of Simon Property Group worth $805,853,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Simon Property Group by 133.0% during 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 purchasing an additional 1,830,264 shares in the last quarter. Northern Trust Corp grew its position in shares of Simon Property Group by 45.9% in the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after buying an additional 1,718,398 shares during the last quarter. Resolution Capital Ltd acquired a new stake in Simon Property Group during the 4th quarter worth $212,592,000. Massachusetts Financial Services Co. MA purchased a new stake in Simon Property Group in the first quarter valued at $197,377,000. Finally, GAMMA Investing LLC boosted its stake in Simon Property Group by 16,346.0% in the first quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust's stock valued at $145,608,000 after acquiring an additional 871,405 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Performance

Shares of Simon Property Group stock traded up $3.39 on Wednesday, reaching $172.61. 1,660,271 shares of the stock were exchanged, compared to its average volume of 1,441,292. The firm has a market capitalization 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. The business has a fifty day moving average price of $162.64 and a two-hundred day moving average price of $164.76. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.01. The company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.90 EPS. As a group, research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a $2.15 dividend. This represents a $8.60 dividend on an annualized basis and a yield of 5.0%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's dividend payout ratio is 129.83%.

Insider Buying and Selling

In other news, Director Glyn Aeppel purchased 234 shares of the firm's 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 $37,273.86. Following the purchase, the director directly owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stefan M. Selig bought 219 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $34,884.51. Following the transaction, the director owned 31,881 shares of the company's stock, valued at $5,078,324.49. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 2,386 shares of company stock valued at $380,066 in the last quarter. Corporate insiders own 8.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. LADENBURG THALM/SH SH began coverage on Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 target price on the stock. Piper Sandler cut their price target on 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 began coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. Stifel Nicolaus set a $179.00 target price on shares of Simon Property Group and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. cut their target price on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average 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.