TD Asset Management Inc Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• TD Asset Management Inc increased its holdings in Simon Property Group by 10.7% during the first quarter, resulting in a total investment valued at $23.13 million.
• Several other institutional investors also boosted their positions in SPG, including Principal Financial Group, which increased its stake by 133% to hold over 3.2 million shares valued at approximately $532 million.
• Simon Property Group recently declared a quarterly dividend of $2.10 per share, representing an annualized yield of 5.07% despite a payout ratio of 133.76%.

TD Asset Management Inc raised its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 139,274 shares of the real estate investment trust's stock after acquiring an additional 13,500 shares during the period. TD Asset Management Inc's holdings in Simon Property Group were worth $23,131,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Pitcairn Co. increased its holdings in shares of Simon Property Group by 0.6% during the 4th quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust's stock valued at $1,704,000 after purchasing an additional 55 shares in the last quarter. Colonial Trust Co SC increased its holdings in shares of 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 valued at $36,000 after purchasing an additional 57 shares in the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of Simon Property Group by 1.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust's stock valued at $626,000 after purchasing an additional 60 shares in the last quarter. Sumitomo Life Insurance Co. increased its holdings in shares of Simon Property Group by 1.6% during the 1st quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after purchasing an additional 70 shares in the last quarter. Finally, Aspiriant LLC increased its holdings in shares of Simon Property Group by 1.3% during the 1st quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Down 1.9%

Shares of SPG stock traded down $3.12 on Friday, hitting $160.67. 2,149,815 shares of the stock traded hands, compared to its average volume of 1,632,010. The firm's 50-day moving average price is $161.81 and its two-hundred day moving average price is $165.26. The company has a debt-to-equity ratio of 8.29, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $52.45 billion, a PE ratio of 25.58, a PEG ratio of 11.17 and a beta of 1.43. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 EPS 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 company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter in the prior year, the company posted $3.56 earnings per share. Simon Property Group's revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a $2.10 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 dividend on an annualized basis and a yield of 5.2%. Simon Property Group's dividend payout ratio is presently 133.76%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPG. LADENBURG THALM/SH SH began coverage on shares of Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 target price for the company. Stifel Nicolaus boosted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Mizuho cut their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Scotiabank boosted their price target 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, Piper Sandler cut their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $182.73.

Insider Buying and Selling

In other Simon Property Group news, Director Daniel C. Smith purchased 378 shares of the business's stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the completion of the purchase, the director directly owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. This trade represents a 1.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary M. Rodkin purchased 246 shares of the business's stock in a transaction on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the purchase, the director directly owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,386 shares of company stock valued at $380,066 over the last three months. Company insiders own 8.66% of the company's stock.

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.