Nuveen LLC Makes New Investment in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Nuveen LLC has acquired 4,364,989 shares of Simon Property Group, valued at approximately $724.9 million, representing an ownership of 1.34% in the company.
• Simon Property Group has increased its quarterly dividend from $2.10 to $2.15 per share, reflecting a yield of 5.2% with an annual payout of $8.60.
• Analysts have varied opinions on Simon Property Group's stock, with target prices ranging from $163 to $225, indicating a mixed outlook among investors.

Nuveen LLC purchased a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,364,989 shares of the real estate investment trust's stock, valued at approximately $724,937,000. Nuveen LLC owned about 1.34% of Simon Property Group as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SPG. Farther Finance Advisors LLC boosted its stake in Simon Property Group by 31.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock worth $553,000 after purchasing an additional 789 shares during the period. Golden State Wealth Management LLC boosted its stake in Simon Property Group by 193.5% in the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock worth $128,000 after purchasing an additional 509 shares during the period. Brighton Jones LLC acquired a new position in Simon Property Group in the 4th quarter worth approximately $295,000. J.W. Cole Advisors Inc. acquired a new position in Simon Property Group in the 1st quarter worth approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Simon Property Group by 8.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock worth $9,415,000 after purchasing an additional 4,589 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on SPG shares. Barclays started coverage on shares of 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. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. 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. Scotiabank increased their target price on shares of 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. 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 research report on Tuesday, June 10th. Seven investment 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 has an average rating of "Hold" and a consensus target price of $182.64.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 522 shares of the company'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 $83,149.38. Following the acquisition, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Glyn Aeppel bought 234 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the acquisition, the director directly owned 19,057 shares in the company, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 2,386 shares of company stock worth $380,066. Corporate insiders own 8.60% of the company's stock.

Simon Property Group Stock Up 0.2%

Shares of Simon Property Group stock traded up $0.39 during midday trading on Monday, reaching $165.32. 1,190,798 shares of the company's stock traded hands, compared to its average volume of 1,467,927. The company has a market cap of $53.96 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 11.03 and a beta of 1.48. The company's 50 day simple moving average is $162.49 and its 200 day simple moving average is $164.72. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. Simon Property Group's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.90 EPS. Equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share 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. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 5.2%. Simon Property Group's payout ratio is 129.83%.

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.