Public Sector Pension Investment Board Has $28.95 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• The Public Sector Pension Investment Board increased its stake in Simon Property Group, Inc. by 119% during the 1st quarter, owning approximately $28.95 million worth of shares.
• Simon Property Group has recently increased its quarterly dividend to $2.15 per share, reflecting a yield of 5.2% and a dividend payout ratio of 129.83%.
• Analysts have mixed views on the stock, with price targets ranging from $163 to $200, indicating a generally cautious outlook with a consensus rating of "Hold".

Public Sector Pension Investment Board boosted its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 119.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 174,293 shares of the real estate investment trust's stock after buying an additional 94,695 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.05% of Simon Property Group worth $28,947,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Park Square Financial Group LLC lifted its stake in shares of Simon Property Group by 108.0% in the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 81 shares during the period. Richardson Financial Services Inc. raised its stake 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 raised its stake in Simon Property Group by 421.6% during 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 during the period. Colonial Trust Co SC raised its stake in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its stake in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gary M. Rodkin bought 246 shares of the company's stock in a transaction on 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 transaction, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 2,386 shares of company stock valued at $380,066 in the last quarter. 8.60% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

Simon Property Group stock opened at $165.08 on Monday. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The business's 50 day simple moving average is $162.44 and its 200 day simple moving average is $164.79. The company has a market cap of $53.89 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 11.03 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $2.90 earnings per share. Simon Property Group's revenue for the quarter was up 13.9% on a year-over-year basis. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 5.2%. Simon Property Group's dividend payout ratio (DPR) is currently 129.83%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPG. Mizuho dropped their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the stock a "buy" rating in a report on Tuesday, August 5th. Barclays began coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective for the company. Piper Sandler decreased their price objective 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. Finally, Scotiabank boosted 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. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has an average rating of "Hold" and a consensus target price of $182.64.

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.

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