Mackenzie Financial Corp Has $22.22 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Mackenzie Financial Corp reduced its holdings in Simon Property Group, Inc. by 2.2%, owning 133,782 shares valued at approximately $22.22 million after selling 3,035 shares during the 1st quarter.
• Simon Property Group reported earnings of $2.95 per share for the quarter, exceeding expectations of $2.91, with revenue of $1.47 billion, up by 2.1% year-over-year.
• The company recently announced a quarterly dividend of $2.10 per share, translating to an annualized yield of 5.07%, although its payout ratio stands at 133.76%.

Mackenzie Financial Corp cut its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 133,782 shares of the real estate investment trust's stock after selling 3,035 shares during the period. Mackenzie Financial Corp's holdings in Simon Property Group were worth $22,219,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SPG. Park Square Financial Group LLC lifted its holdings in Simon Property Group by 108.0% during the 1st 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. increased its position in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC boosted its position 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 valued at $32,000 after acquiring an additional 156 shares during the period. Colonial Trust Co SC grew 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 valued at $36,000 after acquiring an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 95 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPG has been the subject of several analyst reports. 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 note on Tuesday, May 13th. Mizuho dropped 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 research report on Tuesday, June 10th. Scotiabank increased their price target 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. JPMorgan Chase & Co. dropped their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Barclays began coverage on Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has an average rating of "Hold" and a consensus target price of $182.73.

Simon Property Group Price Performance

SPG stock traded down $3.12 during trading on Friday, reaching $160.67. 2,149,815 shares of the company were exchanged, compared to its average volume of 1,251,584. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. 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 company has a market capitalization of $52.45 billion, a price-to-earnings ratio of 25.58, a P/E/G ratio of 11.06 and a beta of 1.49. The company has a 50-day moving average of $161.81 and a two-hundred day moving average of $165.26.

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

Simon Property Group Dividend Announcement

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

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the acquisition, the director owned 58,195 shares of the company's stock, valued at $9,269,881.55. This trade represents a 0.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gary M. Rodkin acquired 246 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the acquisition, the director directly 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 ninety days, insiders have acquired 2,386 shares of company stock worth $380,066. Company insiders own 8.66% of the company's stock.

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.