Allspring Global Investments Holdings LLC Purchases 7,831 Shares of Simon Property Group, Inc. (NYSE:SPG)

Allspring Global Investments Holdings LLC lifted its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,865 shares of the real estate investment trust’s stock after acquiring an additional 7,831 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Simon Property Group worth $44,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in shares of Simon Property Group by 26.8% in the 3rd quarter. AQR Capital Management LLC now owns 248,239 shares of the real estate investment trust’s stock valued at $26,817,000 after purchasing an additional 52,454 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in Simon Property Group in the third quarter valued at about $335,000. Evergreen Capital Management LLC grew its position in Simon Property Group by 1.9% in the third quarter. Evergreen Capital Management LLC now owns 4,583 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 85 shares during the last quarter. Sei Investments Co. raised its stake in Simon Property Group by 4.7% during the third quarter. Sei Investments Co. now owns 956,123 shares of the real estate investment trust’s stock worth $103,288,000 after acquiring an additional 43,023 shares in the last quarter. Finally, Scotia Capital Inc. lifted its holdings in shares of Simon Property Group by 9.4% in the third quarter. Scotia Capital Inc. now owns 6,487 shares of the real estate investment trust’s stock worth $701,000 after acquiring an additional 555 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SPG shares. Scotiabank upped their price objective on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Argus upped their target price on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $147.60.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Simon Property Group Trading Up 0.3 %

Shares of SPG stock opened at $148.26 on Thursday. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $157.82. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The stock has a market cap of $48.32 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 8.79 and a beta of 1.75. The stock has a 50-day moving average of $147.79 and a 200-day moving average of $146.79.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.74 EPS. On average, equities research analysts forecast that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $2.00 per share. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.40%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is 101.91%.

Simon Property Group Profile

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.