Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 133.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,206,458 shares of the real estate investment trust's stock after purchasing an additional 1,830,264 shares during the quarter. Principal Financial Group Inc. owned 0.98% of Simon Property Group worth $532,529,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hopwood Financial Services Inc. acquired a new position in Simon Property Group during the fourth quarter worth $28,000. Caisse Des Depots ET Consignations purchased a new position in shares of Simon Property Group in the fourth quarter valued at $31,000. Continuum Advisory LLC boosted its position in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after buying an additional 156 shares in the last quarter. TCTC Holdings LLC acquired a new stake in Simon Property Group in the 4th quarter valued at about $34,000. Finally, Colonial Trust Co SC grew its stake in Simon Property Group by 37.5% in the 4th 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. Hedge funds and other institutional investors own 93.01% of the company's stock.

Insider Buying and Selling

In other news, Director Daniel C. Smith acquired 378 shares of the firm's stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $60,211.62. Following the transaction, the director directly owned 31,998 shares in the company, valued at approximately $5,096,961.42. This represents a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Larry C. Glasscock purchased 396 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 $63,078.84. Following the transaction, the director directly owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,386 shares of company stock valued at $380,066 over the last ninety days. Insiders own 8.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPG. Stifel Nicolaus increased their target price on Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Piper Sandler cut their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Scotiabank raised their price objective on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Barclays assumed coverage on Simon Property Group in a research report on Wednesday. They issued an "equal weight" rating and a $170.00 price objective for the company. Finally, Mizuho reduced their target price on 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. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $178.50.

Simon Property Group Trading Up 0.4%

NYSE:SPG traded up $0.63 on Friday, hitting $166.47. 925,334 shares of the stock were exchanged, compared to its average volume of 1,541,335. The stock has a fifty day moving average of $160.66 and a 200-day moving average of $166.50. The stock has a market cap of $54.34 billion, a PE ratio of 26.51, a PEG ratio of 9.25 and a beta of 1.43. 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, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14.

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 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the previous year, the company posted $3.56 earnings per share. Simon Property Group's revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a $2.10 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.05%. Simon Property Group's dividend payout ratio is currently 133.76%.

Simon Property Group Company 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.