Texas Permanent School Fund Corp Cuts Stake in Simon Property Group, Inc. (NYSE:SPG)

Texas Permanent School Fund Corp reduced its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 19.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,876 shares of the real estate investment trust’s stock after selling 13,408 shares during the period. Texas Permanent School Fund Corp’s holdings in Simon Property Group were worth $8,178,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings 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 purchasing an additional 672,941 shares during the last quarter. Norges Bank purchased a new stake in Simon Property Group during the fourth quarter valued at about $2,561,181,000. Boston Partners grew its stake in shares of Simon Property Group by 4.2% during the first quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after buying an additional 92,648 shares during the last quarter. Centersquare Investment Management LLC increased its holdings in shares of Simon Property Group by 4.5% in the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after buying an additional 78,866 shares during the period. Finally, PGGM Investments lifted its stake in shares of 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 valued at $187,947,000 after acquiring an additional 23,186 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which is available at this link. 8.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SPG has been the topic of several recent research reports. Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Evercore ISI upped their price target on shares of Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Stifel Nicolaus raised their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $161.28.

Simon Property Group Stock Up 1.3 %

Shares of NYSE SPG opened at $163.96 on Wednesday. The firm has a fifty day simple moving average of $156.51 and a two-hundred day simple moving average of $151.32. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $169.18. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The firm has a market capitalization 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 (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.88 earnings per share. Equities analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 5.00%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio is presently 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.