QRG Capital Management Inc. Purchases 24,255 Shares of Simon Property Group, Inc. (NYSE:SPG)

QRG Capital Management Inc. raised its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 210,802 shares of the real estate investment trust's stock after buying an additional 24,255 shares during the quarter. QRG Capital Management Inc. owned about 0.06% of Simon Property Group worth $35,010,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC bought a new position in Simon Property Group in the 4th quarter valued at about $295,000. Allworth Financial LP boosted its stake in shares of Simon Property Group by 140.6% in the 4th quarter. Allworth Financial LP now owns 3,152 shares of the real estate investment trust's stock valued at $545,000 after purchasing an additional 1,842 shares in the last quarter. Principal Securities Inc. boosted its stake in shares of Simon Property Group by 4.2% in the 4th quarter. Principal Securities Inc. now owns 4,140 shares of the real estate investment trust's stock valued at $713,000 after purchasing an additional 166 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Simon Property Group by 7.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 361,893 shares of the real estate investment trust's stock valued at $62,322,000 after purchasing an additional 25,987 shares in the last quarter. Finally, USA Financial Formulas acquired a new stake in shares of Simon Property Group in the 1st quarter valued at approximately $717,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Down 1.3%

Shares of NYSE SPG opened at $156.67 on Monday. The company has a market capitalization of $51.14 billion, a P/E ratio of 21.58, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.14. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The company's 50 day moving average price is $157.80 and its 200-day moving average price is $168.33.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.34 billion. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Simon Property Group's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.56 EPS. Equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group's dividend payout ratio is 133.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SPG shares. Scotiabank reduced their price target on shares of Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. Piper Sandler reduced their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Mizuho cut their target price 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. Finally, JPMorgan Chase & Co. cut their target price 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. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $179.00.

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.

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