Canada Pension Plan Investment Board Raises Holdings in Simon Property Group, Inc. (NYSE:SPG)

Canada Pension Plan Investment Board grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,065,067 shares of the real estate investment trust’s stock after buying an additional 15,600 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Simon Property Group were worth $161,677,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Brown Advisory Inc. boosted its holdings in Simon Property Group by 5.9% during the fourth quarter. Brown Advisory Inc. now owns 6,381 shares of the real estate investment trust’s stock worth $910,000 after buying an additional 353 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of Simon Property Group by 1.8% during the 4th quarter. D.A. Davidson & CO. now owns 28,045 shares of the real estate investment trust’s stock valued at $4,000,000 after acquiring an additional 504 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Simon Property Group by 97.8% during the 4th quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock worth $10,708,000 after acquiring an additional 37,108 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Simon Property Group by 134.3% in the 4th quarter. Franklin Resources Inc. now owns 563,825 shares of the real estate investment trust’s stock worth $80,424,000 after acquiring an additional 323,168 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Simon Property Group by 1.7% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 39,858 shares of the real estate investment trust’s stock valued at $5,685,000 after purchasing an additional 651 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SPG. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Truist Financial upped their price target on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Scotiabank raised their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Argus raised their price target on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Trading Down 0.3 %

NYSE SPG opened at $166.55 on Friday. The company has a market cap of $54.30 billion, a P/E ratio of 21.22, a P/E/G ratio of 9.04 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 debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. The company has a 50-day moving average of $159.20 and a 200-day moving average of $152.13.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company posted $2.88 EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities analysts predict 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. Shareholders of record on Monday, September 9th will be paid 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 annualized dividend and a yield of 4.92%. Simon Property Group’s dividend payout ratio is currently 104.46%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was acquired 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 of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.50% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.