Caprock Group LLC Boosts Stake in Simon Property Group, Inc. (NYSE:SPG)

Caprock Group LLC grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 37.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,090 shares of the real estate investment trust’s stock after buying an additional 1,391 shares during the quarter. Caprock Group LLC’s holdings in Simon Property Group were worth $773,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares in the last quarter. Norges Bank purchased a new stake in shares of Simon Property Group during the 4th quarter valued at $2,561,181,000. Boston Partners raised its position in Simon Property Group by 4.2% in the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after purchasing an additional 92,648 shares during the period. Centersquare Investment Management LLC raised its position in Simon Property Group by 4.5% in the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after purchasing an additional 78,866 shares during the period. Finally, PGGM Investments raised its position in Simon Property Group by 1.9% in the 2nd quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after purchasing an additional 23,186 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity

In related news, Director Reuben S. Leibowitz bought 486 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $163.96 on Wednesday. The firm has a market cap of $53.46 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 9.01 and a beta of 1.74. Simon Property Group, Inc. has a 12-month low of $102.11 and a 12-month high of $169.18. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The company’s fifty day simple moving average is $156.51 and its two-hundred day simple moving average is $151.32.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.88 EPS. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.00%. Simon Property Group’s payout ratio is presently 101.91%.

Analyst Ratings Changes

A number of brokerages recently commented on SPG. Mizuho lifted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus lifted their target price on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Finally, Evercore ISI lifted their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $161.28.

Simon Property Group Company 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.