DnB Asset Management AS Increases Stake in Simon Property Group, Inc. (NYSE:SPG)

DnB Asset Management AS raised its holdings in Simon Property Group, Inc. (NYSE:SPGGet Rating) by 7.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 61,151 shares of the real estate investment trust’s stock after acquiring an additional 4,251 shares during the quarter. DnB Asset Management AS’s holdings in Simon Property Group were worth $5,804,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SPG. Westwood Wealth Management acquired a new position in Simon Property Group during the 1st quarter worth $13,814,000. Tradition Wealth Management LLC purchased a new stake in shares of Simon Property Group during the first quarter worth approximately $25,000. Cyrus J. Lawrence LLC purchased a new stake in shares of Simon Property Group during the first quarter worth approximately $29,000. Tyler Stone Wealth Management acquired a new stake in Simon Property Group in the fourth quarter valued at approximately $38,000. Finally, Vectors Research Management LLC purchased a new position in Simon Property Group in the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPG. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Simon Property Group from $173.00 to $129.00 in a report on Monday, July 18th. Morgan Stanley lowered their price objective on Simon Property Group from $133.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, August 29th. Mizuho cut their target price on Simon Property Group from $158.00 to $115.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 3rd. Piper Sandler lowered their price target on Simon Property Group to $130.00 in a report on Monday, July 4th. Finally, UBS Group raised their price objective on shares of Simon Property Group from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 2nd. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.29.

Simon Property Group Stock Performance

Shares of SPG stock opened at $99.70 on Monday. The stock’s 50-day moving average price is $104.74 and its 200 day moving average price is $113.02. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 7.13. The stock has a market capitalization of $34.19 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.88 and a beta of 1.49. Simon Property Group, Inc. has a 52-week low of $93.06 and a 52-week high of $171.12.

Simon Property Group (NYSE:SPGGet Rating) last released its earnings results on Monday, August 1st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Simon Property Group had a return on equity of 56.93% and a net margin of 40.59%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $2.92 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, equities research analysts forecast that Simon Property Group, Inc. will post 11.66 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 7.02%. The ex-dividend date is Thursday, September 8th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.70. Simon Property Group’s dividend payout ratio (DPR) is 109.20%.

About Simon Property Group

(Get Rating)

Simon is a real estate investment trust engaged 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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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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