Alpha Cubed Investments LLC increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 126.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,613 shares of the real estate investment trust’s stock after buying an additional 2,020 shares during the period. Alpha Cubed Investments LLC’s holdings in Simon Property Group were worth $584,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Pensionfund Sabic raised its stake in Simon Property Group by 7.8% in the first quarter. Pensionfund Sabic now owns 27,506 shares of the real estate investment trust’s stock valued at $4,732,000 after buying an additional 2,000 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Simon Property Group by 5.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 276,424 shares of the real estate investment trust’s stock worth $47,553,000 after buying an additional 13,133 shares during the last quarter. West Oak Capital LLC raised its stake in Simon Property Group by 15.6% in the first quarter. West Oak Capital LLC now owns 1,405 shares of the real estate investment trust’s stock worth $242,000 after buying an additional 190 shares during the last quarter. Gulf International Bank UK Ltd raised its stake in Simon Property Group by 1.8% in the first quarter. Gulf International Bank UK Ltd now owns 97,997 shares of the real estate investment trust’s stock worth $16,858,000 after buying an additional 1,720 shares during the last quarter. Finally, National Pension Service raised its stake in Simon Property Group by 8.3% in the first quarter. National Pension Service now owns 234,449 shares of the real estate investment trust’s stock worth $39,866,000 after buying an additional 17,880 shares during the last quarter. Institutional investors own 95.77% of the company’s stock.
Shares of Simon Property Group, Inc. (NYSE SPG) traded down 2.30% during mid-day trading on Friday, hitting $153.58. The stock had a trading volume of 2,131,492 shares. The stock has a 50 day moving average price of $160.22 and a 200-day moving average price of $166.37. The company has a market cap of $47.74 billion, a PE ratio of 27.37 and a beta of 0.58. Simon Property Group, Inc. has a 52-week low of $150.15 and a 52-week high of $219.41.
Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.63 earnings per share. On average, equities analysts expect that Simon Property Group, Inc. will post $6.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be issued a $1.80 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $7.20 annualized dividend and a dividend yield of 4.69%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. Simon Property Group’s dividend payout ratio is currently 127.89%.
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SPG has been the topic of a number of recent analyst reports. Vetr upgraded Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $186.15 target price on the stock in a research note on Wednesday, April 26th. Barclays PLC reissued an “overweight” rating and set a $191.00 price target (down previously from $200.00) on shares of Simon Property Group in a research report on Monday, May 15th. Royal Bank Of Canada reissued a “hold” rating and set a $182.00 price target on shares of Simon Property Group in a research report on Thursday, May 18th. Deutsche Bank AG raised their price objective on Simon Property Group from $188.00 to $191.00 and gave the company a “hold” rating in a research report on Monday, May 22nd. Finally, Mizuho raised Simon Property Group from a “neutral” rating to a “buy” rating and set a $178.00 price objective on the stock in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. Simon Property Group presently has an average rating of “Hold” and an average target price of $195.01.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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