Korea Investment CORP Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Korea Investment CORP raised its position in Simon Property Group, Inc. (NYSE:SPG) by 10.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,400 shares of the real estate investment trust’s stock after purchasing an additional 13,150 shares during the quarter. Korea Investment CORP’s holdings in Simon Property Group were worth $18,319,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of Simon Property Group by 12.3% in the 1st quarter. Bank of New York Mellon Corp now owns 5,194,720 shares of the real estate investment trust’s stock worth $591,004,000 after purchasing an additional 569,989 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Simon Property Group by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,084,088 shares of the real estate investment trust’s stock valued at $578,426,000 after buying an additional 47,631 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Simon Property Group by 2.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,275,808 shares of the real estate investment trust’s stock valued at $557,907,000 after buying an additional 117,743 shares during the period. UBS Asset Management Americas Inc. raised its holdings in shares of Simon Property Group by 2.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 2,744,384 shares of the real estate investment trust’s stock valued at $312,229,000 after buying an additional 72,212 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Simon Property Group by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,474,751 shares of the real estate investment trust’s stock valued at $167,782,000 after buying an additional 4,721 shares during the period. Institutional investors own 86.37% of the company’s stock.

Shares of Simon Property Group stock opened at $133.85 on Friday. The business’s fifty day moving average price is $130.58 and its two-hundred day moving average price is $125.65. The company has a debt-to-equity ratio of 7.16, a current ratio of 1.82 and a quick ratio of 1.82. The company has a market capitalization of $43.99 billion, a P/E ratio of 29.22, a PEG ratio of 1.70 and a beta of 1.54. Simon Property Group, Inc. has a 1-year low of $59.35 and a 1-year high of $137.38.

Simon Property Group (NYSE:SPG) last announced its 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 business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.13 billion. Simon Property Group had a net margin of 31.67% and a return on equity of 43.97%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.83 EPS. On average, research analysts expect that Simon Property Group, Inc. will post 10.82 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Thursday, September 9th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date is Wednesday, September 8th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.40. Simon Property Group’s payout ratio is currently 65.86%.

Several brokerages recently commented on SPG. UBS Group began coverage on Simon Property Group in a report on Thursday, June 3rd. They set a “neutral” rating and a $135.00 target price on the stock. Morgan Stanley raised their target price on Simon Property Group from $150.00 to $161.00 and gave the company an “overweight” rating in a report on Friday, August 13th. Truist lifted their price objective on Simon Property Group from $130.00 to $136.00 and gave the stock a “hold” rating in a report on Monday, August 16th. They noted that the move was a valuation call. Truist Securities lifted their price objective on Simon Property Group from $130.00 to $136.00 and gave the stock a “hold” rating in a report on Monday, August 16th. Finally, Bank of America upgraded Simon Property Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $141.00 to $150.00 in a report on Wednesday, August 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has a consensus rating of “Hold” and a consensus price target of $135.11.

About Simon Property Group

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.

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

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