Cadence Capital Management LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 2.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,547 shares of the real estate investment trust’s stock after selling 554 shares during the period. Cadence Capital Management LLC’s holdings in Simon Property Group were worth $3,324,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norway Savings Bank boosted its position in shares of Simon Property Group by 19.5% in the second quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 125 shares in the last quarter. Rockefeller Financial Services Inc. purchased a new position in shares of Simon Property Group during the first quarter valued at $138,000. Israel Discount Bank of New York purchased a new position in shares of Simon Property Group during the first quarter valued at $146,000. Alpha Windward LLC boosted its position in shares of Simon Property Group by 12.2% in the second quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock valued at $138,000 after buying an additional 93 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its position in shares of Simon Property Group by 5.3% in the first quarter. IHT Wealth Management LLC now owns 911 shares of the real estate investment trust’s stock valued at $155,000 after buying an additional 46 shares in the last quarter. 95.77% of the stock is owned by institutional investors and hedge funds.
Shares of Simon Property Group, Inc. (NYSE SPG) traded down 0.29% during midday trading on Monday, hitting $153.14. The stock had a trading volume of 110,000 shares. The firm’s 50-day moving average price is $160.22 and its 200-day moving average price is $166.37. Simon Property Group, Inc. has a one year low of $150.15 and a one year high of $219.41. The firm has a market capitalization of $47.60 billion, a PE ratio of 27.29 and a beta of 0.58.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $2.63 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. On average, equities analysts predict that Simon Property Group, Inc. will post $6.43 EPS for the current year.
The firm 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 dividend of $1.80 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date is Tuesday, August 15th. Simon Property Group’s dividend payout ratio (DPR) is presently 127.89%.
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Several brokerages recently weighed in on SPG. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Barclays PLC raised their target price on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th. BidaskClub cut Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Jefferies Group LLC reaffirmed a “buy” rating and set a $190.00 target price on shares of Simon Property Group in a research note on Monday, July 17th. Finally, Stifel Nicolaus began coverage on Simon Property Group in a research note on Friday, July 14th. They set a “hold” rating and a $170.00 target price for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target 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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