Migdal Insurance & Financial Holdings Ltd. reduced its stake in Simon Property Group Inc (NYSE:SPG) by 29.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 93,507 shares of the real estate investment trust’s stock after selling 39,830 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Simon Property Group were worth $17,038,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in shares of Simon Property Group by 14.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,460,071 shares of the real estate investment trust’s stock valued at $611,567,000 after acquiring an additional 445,506 shares during the period. Martingale Asset Management L P grew its position in shares of Simon Property Group by 124.2% during the 3rd quarter. Martingale Asset Management L P now owns 213,384 shares of the real estate investment trust’s stock valued at $37,716,000 after acquiring an additional 118,202 shares during the period. TIAA CREF Investment Management LLC grew its position in shares of Simon Property Group by 25.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,410,166 shares of the real estate investment trust’s stock valued at $249,247,000 after acquiring an additional 286,744 shares during the period. Nordea Investment Management AB bought a new position in shares of Simon Property Group during the 3rd quarter valued at approximately $425,370,000. Finally, Standard Life Aberdeen plc grew its position in shares of Simon Property Group by 3.4% during the 3rd quarter. Standard Life Aberdeen plc now owns 876,389 shares of the real estate investment trust’s stock valued at $154,907,000 after acquiring an additional 29,111 shares during the period. 94.79% of the stock is owned by hedge funds and other institutional investors.
In other Simon Property Group news, insider John Rulli sold 9,160 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $176.17, for a total value of $1,613,717.20. Following the sale, the insider now directly owns 29,646 shares in the company, valued at approximately $5,222,735.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.75% of the company’s stock.
SPG traded down $0.15 on Friday, hitting $171.33. The company’s stock had a trading volume of 1,139,200 shares, compared to its average volume of 1,373,145. The company has a market cap of $53.15 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 3.14 and a beta of 0.54. Simon Property Group Inc has a 12 month low of $158.21 and a 12 month high of $191.49. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.34.
Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $3.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.02 by $0.02. Simon Property Group had a net margin of 41.45% and a return on equity of 62.69%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the firm earned $2.00 EPS. Simon Property Group’s revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts forecast that Simon Property Group Inc will post 12.38 earnings per share for the current fiscal year.
Simon Property Group announced that its board has initiated a stock buyback program on Tuesday, February 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 4.79%. The ex-dividend date is Thursday, May 16th. Simon Property Group’s dividend payout ratio is presently 67.60%.
A number of research firms have recently weighed in on SPG. Wells Fargo & Co downgraded shares of Simon Property Group from an “overweight” rating to a “market weight” rating in a research report on Friday, February 8th. Mizuho downgraded shares of Simon Property Group to a “hold” rating and set a $193.00 target price for the company. in a research report on Tuesday, February 26th. Barclays reaffirmed a “buy” rating and issued a $202.00 price objective on shares of Simon Property Group in a report on Tuesday, April 16th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $191.00 price objective on shares of Simon Property Group in a report on Friday, February 1st. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $192.14.
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Simon Property Group Company 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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