Dai ichi Life Insurance Company Ltd Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Dai ichi Life Insurance Company Ltd boosted its stake in Simon Property Group, Inc. (NYSE:SPG) by 64.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,792 shares of the real estate investment trust’s stock after buying an additional 7,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Simon Property Group were worth $2,701,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Clearstead Trust LLC acquired a new stake in shares of Simon Property Group during the first quarter valued at about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Simon Property Group during the 2nd quarter worth approximately $25,000. EntryPoint Capital LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $26,000. Wetzel Investment Advisors Inc. purchased a new stake in Simon Property Group in the second quarter valued at approximately $27,000. Finally, Cape Investment Advisory Inc. raised its position in Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Transactions at Simon Property Group

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

Simon Property Group Stock Up 0.2 %

SPG stock opened at $164.02 on Monday. The company’s 50 day moving average price is $157.48 and its 200 day moving average price is $151.62. The firm has a market capitalization of $53.48 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 8.97 and a beta of 1.74. 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 debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company posted $2.88 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities research analysts anticipate 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 issued a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 5.00%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is 104.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SPG shares. 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 research note on Monday, August 26th. Argus lifted their target price on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Truist Financial boosted their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $161.44.

About Simon Property Group

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.