Summit Global Investments Has $2.99 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Summit Global Investments raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1,119.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,682 shares of the real estate investment trust’s stock after buying an additional 18,068 shares during the quarter. Summit Global Investments’ holdings in Simon Property Group were worth $2,988,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Simon Property Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after purchasing an additional 672,941 shares in the last quarter. Norges Bank acquired a new stake in shares of Simon Property Group during the 4th quarter worth approximately $2,561,181,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Simon Property Group by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,537,655 shares of the real estate investment trust’s stock worth $504,611,000 after purchasing an additional 72,645 shares in the last quarter. Boston Partners grew its holdings in shares of Simon Property Group by 4.2% during the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock worth $363,165,000 after purchasing an additional 92,648 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its holdings in shares of Simon Property Group by 4.5% during the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after purchasing an additional 78,866 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Price Performance

SPG traded down $0.49 during trading on Tuesday, hitting $159.40. The company’s stock had a trading volume of 895,620 shares, compared to its average volume of 1,464,183. The firm’s 50 day moving average price is $151.56 and its two-hundred day moving average price is $149.34. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 12 month low of $102.11 and a 12 month high of $161.30. The stock has a market capitalization of $51.95 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 8.59 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.88 EPS. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.14%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is 101.91%.

Analysts Set New Price Targets

Several analysts have recently weighed in on SPG shares. Stifel Nicolaus lifted their price objective on Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a report on Tuesday, August 6th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday. Scotiabank raised their target price on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Mizuho raised their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Evercore ISI raised their target price on Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus target price of $153.95.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.50% of the company’s stock.

About Simon Property Group

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.