Arizona State Retirement System Sells 10,549 Shares of Simon Property Group Inc (SPG)

Arizona State Retirement System reduced its holdings in shares of Simon Property Group Inc (NYSE:SPG) by 12.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,105 shares of the real estate investment trust’s stock after selling 10,549 shares during the period. Arizona State Retirement System’s holdings in Simon Property Group were worth $12,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its holdings in Simon Property Group by 4.1% in the first quarter. BlackRock Inc. now owns 30,272,981 shares of the real estate investment trust’s stock worth $4,672,633,000 after buying an additional 1,182,952 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Simon Property Group by 3.1% in the first quarter. Principal Financial Group Inc. now owns 6,096,513 shares of the real estate investment trust’s stock worth $940,997,000 after buying an additional 185,668 shares during the last quarter. Northern Trust Corp raised its holdings in Simon Property Group by 6.3% in the first quarter. Northern Trust Corp now owns 5,638,329 shares of the real estate investment trust’s stock worth $870,277,000 after buying an additional 334,685 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Simon Property Group by 3.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,559,558 shares of the real estate investment trust’s stock worth $703,768,000 after buying an additional 165,489 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Simon Property Group by 6.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,198,197 shares of the real estate investment trust’s stock worth $493,642,000 after buying an additional 198,805 shares during the last quarter. 92.57% of the stock is owned by institutional investors.

In other news, CAO Steven K. Broadwater sold 859 shares of Simon Property Group stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $170.28, for a total value of $146,270.52. Following the completion of the sale, the chief accounting officer now directly owns 1,734 shares in the company, valued at $295,265.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Rulli sold 1,330 shares of Simon Property Group stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $177.05, for a total transaction of $235,476.50. The disclosure for this sale can be found here. Insiders own 8.64% of the company’s stock.

Several research analysts have issued reports on the stock. ValuEngine raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 5th. Mizuho reaffirmed a “buy” rating and issued a $188.00 target price on shares of Simon Property Group in a report on Wednesday, August 1st. Citigroup lifted their target price on shares of Simon Property Group from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. BMO Capital Markets reaffirmed a “buy” rating and issued a $175.00 target price on shares of Simon Property Group in a report on Monday, July 30th. Finally, Wells Fargo & Co lifted their target price on shares of Simon Property Group from $175.00 to $183.00 and gave the stock an “outperform” rating in a report on Tuesday, July 31st. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $187.69.

Shares of SPG stock opened at $176.79 on Friday. Simon Property Group Inc has a 52 week low of $145.78 and a 52 week high of $179.45. The company has a market capitalization of $55.86 billion, a PE ratio of 15.77, a P/E/G ratio of 2.38 and a beta of 0.57. The company has a debt-to-equity ratio of 6.13, a current ratio of 1.13 and a quick ratio of 1.13.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.13. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business posted $1.23 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. equities research analysts anticipate that Simon Property Group Inc will post 12.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Friday, August 17th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Thursday, August 16th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.94. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.53%. Simon Property Group’s payout ratio is currently 69.58%.

Simon Property Group Profile

Simon is a global leader 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.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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