Hartford Investment Management Co. grew its stake in Simon Property Group Inc (NYSE:SPG) by 0.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 44,158 shares of the real estate investment trust’s stock after buying an additional 398 shares during the quarter. Hartford Investment Management Co.’s holdings in Simon Property Group were worth $7,055,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC increased its position in Simon Property Group by 150.0% during the first quarter. Global Retirement Partners LLC now owns 165 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 99 shares during the period. Marino Stram & Associates LLC acquired a new position in Simon Property Group during the first quarter worth approximately $32,000. Legacy Advisors LLC acquired a new position in Simon Property Group during the first quarter worth approximately $36,000. Icon Wealth Partners LLC acquired a new position in Simon Property Group during the first quarter worth approximately $51,000. Finally, Truvestments Capital LLC acquired a new position in Simon Property Group during the first quarter worth approximately $53,000. Institutional investors and hedge funds own 95.20% of the company’s stock.
SPG has been the topic of several research analyst reports. Barclays reaffirmed a “buy” rating and set a $202.00 price target on shares of Simon Property Group in a research report on Tuesday, April 16th. ValuEngine lowered Simon Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Deutsche Bank dropped their target price on Simon Property Group from $191.00 to $188.00 and set a “hold” rating on the stock in a report on Tuesday, June 11th. Citigroup dropped their target price on Simon Property Group from $192.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. decreased their price target on Simon Property Group from $198.00 to $193.00 and set an “overweight” rating on the stock in a research note on Monday, June 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $190.62.
Simon Property Group (NYSE:SPG) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.98 by $0.01. Simon Property Group had a return on equity of 63.49% and a net margin of 40.48%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm earned $2.98 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts expect that Simon Property Group Inc will post 12.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $2.10 per share. The ex-dividend date is Thursday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 5.43%. Simon Property Group’s dividend payout ratio (DPR) is currently 67.60%.
In other news, insider John Rulli sold 9,160 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $176.17, for a total transaction of $1,613,717.20. Following the completion of the sale, the insider now directly owns 29,646 shares of the company’s stock, valued at approximately $5,222,735.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.75% of the company’s stock.
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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