Korea Investment CORP Raises Holdings in Simon Property Group, Inc. $SPG

Key Points

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Korea Investment CORP grew its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 239,695 shares of the real estate investment trust's stock after purchasing an additional 26,430 shares during the period. Korea Investment CORP owned approximately 0.07% of Simon Property Group worth $39,809,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Simon Property Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust's stock valued at $7,588,195,000 after purchasing an additional 267,503 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Simon Property Group by 1.8% in the 1st quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock valued at $923,236,000 after acquiring an additional 96,126 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Simon Property Group by 3.0% in the 1st quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock valued at $805,853,000 after acquiring an additional 141,657 shares during the last quarter. Nuveen LLC bought a new position in shares of Simon Property Group in the 1st quarter valued at about $724,937,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Simon Property Group by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock valued at $608,086,000 after acquiring an additional 23,873 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPG. Mizuho lowered their price target 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. Barclays began coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Piper Sandler lowered their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Stifel Nicolaus set a $179.00 price target on shares of Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of 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. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $182.64.

Simon Property Group Stock Down 0.3%

Shares of NYSE SPG opened at $172.82 on Tuesday. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $56.43 billion, a P/E ratio of 26.71, a PEG ratio of 11.59 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 firm has a 50-day simple moving average of $163.55 and a two-hundred day simple moving average of $164.62.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results 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. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $2.90 earnings per share. Research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.0%. This is a boost 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 at Simon Property Group

In related news, Director Glyn Aeppel bought 234 shares of Simon Property Group 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 $3,035,589.53. The trade was a 1.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gary M. Rodkin bought 246 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 2,428 shares of company stock valued at $387,271. 8.60% of the stock is owned by corporate insiders.

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.

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