Zurcher Kantonalbank Zurich Cantonalbank Purchases 80,294 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Zurcher Kantonalbank has increased its stake in Simon Property Group by 27.5%, now owning approximately 371,757 shares valued at $61.74 million.
• Simon Property Group recently reported a quarterly earnings per share (EPS) of $2.95, exceeding the consensus estimate of $2.91, with a net margin of 35.98%.
• The company declared a quarterly dividend of $2.10, translating to an annualized dividend yield of 5.03%.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 27.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 371,757 shares of the real estate investment trust's stock after buying an additional 80,294 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.11% of Simon Property Group worth $61,741,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPG. Geode Capital Management LLC raised its stake in shares of Simon Property Group by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,160,242 shares of the real estate investment trust's stock worth $1,577,600,000 after purchasing an additional 230,982 shares during the last quarter. Northern Trust Corp lifted its position in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after buying an additional 1,718,398 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Simon Property Group by 5.5% in the fourth quarter. JPMorgan Chase & Co. now owns 4,710,538 shares of the real estate investment trust's stock valued at $811,202,000 after purchasing an additional 246,630 shares during the period. Invesco Ltd. increased its stake in Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock worth $726,136,000 after buying an additional 542,511 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Simon Property Group by 2.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,653,424 shares of the real estate investment trust's stock valued at $629,158,000 after purchasing an additional 81,359 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Performance

Shares of NYSE SPG traded down $0.62 during mid-day trading on Wednesday, hitting $167.47. The company had a trading volume of 264,906 shares, compared to its average volume of 1,621,748. The stock has a market cap of $54.66 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 11.16 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 debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The firm's 50 day simple moving average is $161.55 and its two-hundred day simple moving average is $165.32.

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 (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate 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 revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.56 earnings per share. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a dividend of $2.10 per share. The ex-dividend date was Monday, June 9th. This represents a $8.40 annualized dividend and a dividend yield of 5.02%. Simon Property Group's dividend payout ratio (DPR) is 133.76%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SPG. Mizuho lowered 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 note on Tuesday, June 10th. Scotiabank lifted their target price on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 17th. Barclays began coverage on Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective for the company. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus 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.