American Century Companies Inc. Acquires 23,576 Shares of Simon Property Group, Inc. (NYSE:SPG)

American Century Companies Inc. lifted its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 832,671 shares of the real estate investment trust’s stock after buying an additional 23,576 shares during the quarter. American Century Companies Inc. owned approximately 0.26% of Simon Property Group worth $126,399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clearstead Trust LLC purchased a new stake in Simon Property Group in the first quarter worth $25,000. EntryPoint Capital LLC bought a new position in shares of Simon Property Group in the first quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in shares of Simon Property Group in the second quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group in the 2nd quarter worth about $27,000. Finally, Pathway Financial Advisers LLC bought a new stake in Simon Property Group during the 1st quarter valued at about $29,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $164.02 on Friday. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The company has a market cap of $53.48 billion, a PE ratio of 20.89, a P/E/G ratio of 8.95 and a beta of 1.74. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The business has a 50-day simple moving average of $157.48 and a two-hundred day simple moving average of $151.59.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data 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). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the firm earned $2.88 earnings per share. Simon Property Group’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a yield of 5.00%. Simon Property Group’s dividend payout ratio (DPR) is currently 104.46%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction on 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 completion of the acquisition, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Argus upped their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Evercore ISI raised their price objective on Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Truist Financial increased 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. Finally, Scotiabank lifted their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $161.44.

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.