Simon Property Group, Inc. (NYSE:SPG) Shares Sold by AGF Management Ltd.

AGF Management Ltd. lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 74.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,291 shares of the real estate investment trust’s stock after selling 33,503 shares during the quarter. AGF Management Ltd.’s holdings in Simon Property Group were worth $1,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Clearstead Trust LLC purchased a new position in Simon Property Group in the first quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Simon Property Group in the 2nd quarter valued at $25,000. EntryPoint Capital LLC purchased a new position in Simon Property Group in the 1st quarter valued at $26,000. Wetzel Investment Advisors Inc. purchased a new position in Simon Property Group in the 2nd quarter valued at $27,000. Finally, Cape Investment Advisory Inc. grew its position in Simon Property Group by 3,200.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Scotiabank boosted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Argus boosted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Mizuho upped their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $161.44.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is owned by company insiders.

Simon Property Group Stock Up 0.2 %

SPG opened at $164.02 on Friday. The firm has a 50 day moving average price of $157.48 and a 200 day moving average price of $151.61. The company has a market cap of $53.48 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 8.95 and a beta of 1.74. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year 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 posted its 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the company posted $2.88 EPS. Sell-side analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business 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 $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 104.46%.

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.