Gulf International Bank UK Ltd reduced its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,840 shares of the real estate investment trust’s stock after selling 315 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Simon Property Group were worth $8,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Ameritas Investment Company LLC bought a new position in Simon Property Group in the first quarter valued at about $25,000. KB Financial Partners LLC bought a new position in Simon Property Group in the first quarter valued at about $27,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Simon Property Group by 45.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 274 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 85 shares during the period. Wealthcare Advisory Partners LLC bought a new position in Simon Property Group in the first quarter valued at about $33,000. Finally, FFT Wealth Management LLC bought a new position in Simon Property Group in the second quarter valued at about $35,000. 86.37% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on SPG. Piper Sandler raised their price objective on Simon Property Group from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 1st. Morgan Stanley raised their price objective on Simon Property Group from $150.00 to $161.00 and gave the stock an “overweight” rating in a research note on Friday, August 13th. Scotiabank raised their price objective on Simon Property Group from $117.00 to $138.00 and gave the stock a “sector perform” rating in a research note on Monday, June 28th. UBS Group began coverage on Simon Property Group in a research note on Thursday, June 3rd. They issued a “neutral” rating and a $135.00 price objective on the stock. Finally, Truist raised their price objective on Simon Property Group from $130.00 to $136.00 and gave the stock a “hold” rating in a research note on Monday, August 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $134.71.
Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Sunday, August 1st. The real estate investment trust reported $1.56 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($0.81). The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Simon Property Group had a net margin of 31.67% and a return on equity of 43.97%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 EPS. On average, analysts anticipate that Simon Property Group, Inc. will post 10.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 9th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 4.63%. The ex-dividend date is Wednesday, September 8th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.40. Simon Property Group’s dividend payout ratio (DPR) is currently 65.86%.
Simon Property Group Profile
Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.
Recommended Story: How do investors use RSI to grade stocks?
Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG).
Receive News & Ratings for Simon Property Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group and related companies with MarketBeat.com's FREE daily email newsletter.