The Manufacturers Life Insurance Company Has $35.88 Million Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

The Manufacturers Life Insurance Company reduced its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 236,358 shares of the real estate investment trust’s stock after selling 5,498 shares during the period. The Manufacturers Life Insurance Company’s holdings in Simon Property Group were worth $35,879,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Mark Asset Management LP grew its stake in shares of Simon Property Group by 0.9% in the second quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock worth $1,229,000 after purchasing an additional 72 shares during the last quarter. MBB Public Markets I LLC lifted its holdings in Simon Property Group by 949.0% during the 2nd quarter. MBB Public Markets I LLC now owns 22,584 shares of the real estate investment trust’s stock worth $3,428,000 after buying an additional 20,431 shares during the period. D. E. Shaw & Co. Inc. grew its position in shares of Simon Property Group by 171.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 237,096 shares of the real estate investment trust’s stock valued at $35,991,000 after buying an additional 149,739 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Simon Property Group in the 2nd quarter valued at about $414,000. Finally, APG Asset Management N.V. increased its stake in shares of Simon Property Group by 424.9% in the second quarter. APG Asset Management N.V. now owns 69,129 shares of the real estate investment trust’s stock valued at $9,791,000 after buying an additional 55,960 shares during the period. Institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Mizuho boosted their price target 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. Piper Sandler reiterated a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, 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 report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Trading Up 0.8 %

SPG opened at $169.02 on Tuesday. The company has a fifty day moving average price of $160.99 and a two-hundred day moving average price of $152.90. Simon Property Group, Inc. has a 1-year low of $102.11 and a 1-year high of $170.87. The company has a market cap of $55.11 billion, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 9.32 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its quarterly 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm 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 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. Analysts predict 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 was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a $2.05 dividend. The ex-dividend date was Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.85%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 104.46%.

Simon Property Group Company Profile

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.