Vestcor Inc Acquires 12,020 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Vestcor Inc increased its ownership of Simon Property Group by 27.5%, acquiring an additional 12,020 shares during the first quarter, bringing their total holdings to 55,650 shares valued at approximately $9.24 million.
• Simon Property Group recently reported $2.95 earnings per share for the quarter, exceeding analyst expectations of $2.91, while their total revenue was $1.47 billion, surpassing estimates by $130 million.
• The company declared a quarterly dividend of $2.10, which represents an annualized dividend of $8.40 and a dividend yield of 5.07%, with a payout ratio of 133.76%.

Vestcor Inc lifted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 27.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,650 shares of the real estate investment trust's stock after acquiring an additional 12,020 shares during the quarter. Vestcor Inc's holdings in Simon Property Group were worth $9,242,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Park Square Financial Group LLC boosted 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 in the last quarter. Richardson Financial Services Inc. boosted its stake in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 111 shares in the last quarter. Continuum Advisory LLC boosted its stake in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 156 shares in the last quarter. Colonial Trust Co SC grew 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 period. Finally, AdvisorNet Financial Inc grew its stake in Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Trading Down 1.5%

NYSE:SPG traded down $2.46 during midday trading on Wednesday, reaching $165.62. 1,084,565 shares of the stock traded hands, compared to its average volume of 1,236,089. The stock has a market capitalization of $54.06 billion, a P/E ratio of 26.37, a PEG ratio of 11.35 and a beta of 1.43. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a fifty day moving average of $161.70 and a 200 day moving average of $165.32. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share 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 return on equity of 67.32% and a net margin of 35.98%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $3.56 EPS. On average, research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date was Monday, June 9th. Simon Property Group's dividend payout ratio is presently 133.76%.

Wall Street Analysts Forecast Growth

SPG has been the subject of several analyst reports. Barclays assumed coverage on 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. JPMorgan Chase & Co. decreased their price target 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. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Scotiabank upped 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 report on Tuesday, June 17th. Finally, Stifel Nicolaus lifted their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Simon Property Group currently has an average rating of "Hold" and a consensus target price of $182.73.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 522 shares of the company's stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This trade represents a 0.91% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry C. Glasscock purchased 396 shares of the company's stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the transaction, the director owned 43,185 shares in the company, valued at approximately $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,386 shares of company stock worth $380,066. 8.66% of the stock is owned by insiders.

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.