Massachusetts Financial Services Co. MA Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Massachusetts Financial Services Co. MA bought a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,188,446 shares of the real estate investment trust's stock, valued at approximately $197,377,000. Massachusetts Financial Services Co. MA owned about 0.36% of Simon Property Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC boosted its stake in 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 valued at $26,000 after acquiring an additional 81 shares during the last quarter. Caisse Des Depots ET Consignations purchased a new position in Simon Property Group in the fourth quarter valued at about $31,000. Continuum Advisory LLC boosted its stake in 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 last quarter. TCTC Holdings LLC purchased a new position in Simon Property Group in the fourth quarter valued at about $34,000. Finally, Colonial Trust Co SC boosted its stake in 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 during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In related news, Director Gary M. Rodkin bought 246 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $39,185.34. Following the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry C. Glasscock purchased 396 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the transaction, the director owned 43,185 shares in the company, valued at $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 2,386 shares of company stock worth $380,066 in the last 90 days. Corporate insiders own 8.66% of the company's stock.

Analyst Upgrades and Downgrades

SPG has been the topic of several research reports. JPMorgan Chase & Co. lowered their price target on shares of 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. Mizuho lowered their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 10th. Scotiabank boosted their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 17th. Wall Street Zen lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 29th. Finally, Barclays initiated coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $178.50.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $1.40 during trading on Thursday, reaching $162.87. The company had a trading volume of 558,762 shares, compared to its average volume of 1,545,423. The company has a fifty day moving average of $161.33 and a two-hundred day moving average of $165.89. The stock has a market capitalization of $53.16 billion, a P/E ratio of 25.92, a price-to-earnings-growth ratio of 10.78 and a beta of 1.43. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.14. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29.

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

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend was Monday, June 9th. Simon Property Group's dividend payout ratio is currently 133.76%.

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.