Whittier Trust Co. of Nevada Inc. Purchases 1,242 Shares of Simon Property Group, Inc. (NYSE:SPG)

Whittier Trust Co. of Nevada Inc. lifted its position in Simon Property Group, Inc. (NYSE:SPG) by 3.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,581 shares of the real estate investment trust’s stock after purchasing an additional 1,242 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Simon Property Group were worth $5,097,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPG. Stifel Nicolaus raised their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Argus lifted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Mizuho lifted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Scotiabank lifted their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Truist Financial lifted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average price target of $157.25.

Simon Property Group Stock Down 0.6 %

Shares of SPG traded down $0.98 during mid-day trading on Thursday, hitting $166.73. The company’s stock had a trading volume of 443,278 shares, compared to its average volume of 1,444,850. The company’s 50-day moving average is $153.10 and its 200-day moving average is $150.12. Simon Property Group, Inc. has a 52-week low of $102.11 and a 52-week high of $169.18. The firm has a market capitalization of $54.34 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 8.58 and a beta of 1.75. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company earned $2.88 EPS. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts forecast that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 4.92%. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio is presently 104.46%.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now 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 the SEC website. 8.50% of the stock is owned by insiders.

Simon Property Group Profile

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.