Stevens Capital Management LP Has $4.83 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Stevens Capital Management LP significantly increased its position in Simon Property Group by acquiring an additional 23,184 shares, bringing its total holdings to 29,071 shares, valued at approximately $4.83 million.
• Multiple institutional investors, including Norges Bank and Geode Capital Management, have also increased their stakes in Simon Property Group, resulting in institutional investors owning 93.01% of the company's stock.
• Simon Property Group recently declared a quarterly dividend of $2.10 per share, which represents an annualized dividend yield of 5.09%, despite a payout ratio of 133.76%.

Stevens Capital Management LP boosted its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 393.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,071 shares of the real estate investment trust's stock after acquiring an additional 23,184 shares during the period. Simon Property Group accounts for 1.2% of Stevens Capital Management LP's portfolio, making the stock its 22nd largest position. Stevens Capital Management LP's holdings in Simon Property Group were worth $4,828,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in Simon Property Group in the fourth quarter valued at about $295,000. LPL Financial LLC raised its position in shares of Simon Property Group by 2.0% during the fourth quarter. LPL Financial LLC now owns 358,414 shares of the real estate investment trust's stock worth $61,723,000 after purchasing an additional 7,087 shares during the period. Korea Investment CORP raised its position in shares of Simon Property Group by 59.6% during the fourth quarter. Korea Investment CORP now owns 213,265 shares of the real estate investment trust's stock worth $36,726,000 after purchasing an additional 79,677 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Simon Property Group by 7.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 697,717 shares of the real estate investment trust's stock worth $122,847,000 after purchasing an additional 46,786 shares during the period. Finally, Elo Mutual Pension Insurance Co raised its position in shares of Simon Property Group by 12.9% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 32,474 shares of the real estate investment trust's stock worth $5,592,000 after purchasing an additional 3,702 shares during the period. Institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Performance

Shares of NYSE SPG traded up $2.55 during midday trading on Tuesday, hitting $167.83. 377,278 shares of the company's stock were exchanged, compared to its average volume of 1,625,944. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company's 50 day moving average price is $161.44 and its 200 day moving average price is $165.30. The firm has a market capitalization of $54.78 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 11.28 and a beta of 1.43.

Simon Property Group (NYSE:SPG - Get Free Report) last announced 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 firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.56 EPS. As a group, analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were issued a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.01%. Simon Property Group's dividend payout ratio is presently 133.76%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith purchased 378 shares of the stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $60,211.62. Following the acquisition, the director owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Larry C. Glasscock purchased 396 shares of the stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the acquisition, the director directly owned 43,185 shares in the company, valued at $6,878,938.65. This represents a 0.93% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,386 shares of company stock worth $380,066. Corporate insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

SPG has been the subject of a number of research reports. Scotiabank increased 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. LADENBURG THALM/SH SH started coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Mizuho lowered their price target 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. Piper Sandler lowered their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, JPMorgan Chase & Co. lowered their price target on 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. Seven research 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, the stock presently has an average rating of "Hold" and an average price target of $182.73.

About Simon Property Group

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.