Teachers Retirement System of The State of Kentucky Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,955 shares of the real estate investment trust’s stock after selling 692 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Simon Property Group were worth $3,940,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its stake in Simon Property Group by 4.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 276,617 shares of the real estate investment trust’s stock valued at $39,457,000 after buying an additional 11,933 shares during the last quarter. Rafferty Asset Management LLC increased its position in Simon Property Group by 19.7% during the fourth quarter. Rafferty Asset Management LLC now owns 43,752 shares of the real estate investment trust’s stock valued at $6,241,000 after acquiring an additional 7,207 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Simon Property Group by 16.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,017 shares of the real estate investment trust’s stock valued at $716,000 after acquiring an additional 696 shares during the period. Tower Research Capital LLC TRC boosted its position in Simon Property Group by 289.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 55,118 shares of the real estate investment trust’s stock worth $7,862,000 after purchasing an additional 40,972 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in shares of Simon Property Group by 0.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 40,145 shares of the real estate investment trust’s stock valued at $5,726,000 after purchasing an additional 139 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SPG has been the topic of a number of research reports. 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 report on Monday, August 26th. Mizuho boosted 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 report on Monday, August 19th. Piper Sandler reaffirmed 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. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, Stifel Nicolaus restated a “hold” rating and set a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $162.78.

Insiders Place Their Bets

In other news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Trading Down 0.1 %

Simon Property Group stock opened at $168.35 on Friday. Simon Property Group, Inc. has a 1 year low of $102.78 and a 1 year high of $170.87. The firm’s 50 day moving average price is $162.00 and its 200-day moving average price is $153.25. 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 stock has a market cap of $54.89 billion, a P/E ratio of 21.45, a PEG ratio of 9.19 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly 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). 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 during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm posted $2.88 earnings per share. The business’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts predict that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.87%. The ex-dividend date of this dividend was 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 (DPR) is currently 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.