Power Corp of Canada acquired a new position in Simon Property Group, Inc. (NYSE:SPG – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 3,176 shares of the real estate investment trust’s stock, valued at approximately $285,000.
Other large investors have also recently bought and sold shares of the company. National Pension Service lifted its holdings in shares of Simon Property Group by 5.1% during the 3rd quarter. National Pension Service now owns 608,210 shares of the real estate investment trust’s stock worth $54,210,000 after acquiring an additional 29,358 shares during the last quarter. CENTRAL TRUST Co boosted its stake in Simon Property Group by 22.9% during the third quarter. CENTRAL TRUST Co now owns 1,180 shares of the real estate investment trust’s stock worth $106,000 after acquiring an additional 220 shares in the last quarter. M Holdings Securities Inc. boosted its stake in Simon Property Group by 72.8% during the third quarter. M Holdings Securities Inc. now owns 5,036 shares of the real estate investment trust’s stock worth $452,000 after acquiring an additional 2,121 shares in the last quarter. Advisors Capital Management LLC boosted its stake in Simon Property Group by 8.0% during the third quarter. Advisors Capital Management LLC now owns 132,790 shares of the real estate investment trust’s stock worth $15,607,000 after acquiring an additional 9,787 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in shares of Simon Property Group by 382.0% in the third quarter. Glenmede Trust Co. NA now owns 22,883 shares of the real estate investment trust’s stock worth $2,052,000 after buying an additional 18,135 shares in the last quarter. 83.89% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
SPG has been the topic of several analyst reports. Truist Financial upped their target price on shares of Simon Property Group from $125.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 21st. Citigroup upped their target price on shares of Simon Property Group from $100.00 to $120.00 in a research note on Wednesday, December 14th. Mizuho decreased their price objective on shares of Simon Property Group from $130.00 to $116.00 in a report on Monday. Morgan Stanley boosted their price objective on shares of Simon Property Group from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. Finally, Piper Sandler boosted their price objective on shares of Simon Property Group from $130.00 to $145.00 in a report on Tuesday, January 17th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $130.58.
Simon Property Group Trading Down 2.2 %
Simon Property Group (NYSE:SPG – Get Rating) last announced its earnings results on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.08). Simon Property Group had a net margin of 40.43% and a return on equity of 60.33%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company posted $3.09 EPS. The company’s revenue was up 5.6% compared to the same quarter last year. As a group, analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current year.
Simon Property Group Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 10th will be paid a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 6.56%. The ex-dividend date is Thursday, March 9th. Simon Property Group’s dividend payout ratio is presently 110.43%.
Simon Property Group Company Profile
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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