Simon Property Group, Inc. (NYSE:SPG) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its stake in Simon Property Group, Inc. (NYSE:SPG) by 1.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 194,602 shares of the real estate investment trust’s stock after acquiring an additional 2,782 shares during the period. State of Alaska Department of Revenue owned 0.06% of Simon Property Group worth $32,318,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Simon Property Group in the fourth quarter valued at $295,000. Principal Securities Inc. increased its stake in shares of Simon Property Group by 4.2% in the fourth quarter. Principal Securities Inc. now owns 4,140 shares of the real estate investment trust’s stock valued at $713,000 after purchasing an additional 166 shares during the period. Allworth Financial LP raised its holdings in shares of Simon Property Group by 140.6% during the fourth quarter. Allworth Financial LP now owns 3,152 shares of the real estate investment trust’s stock valued at $545,000 after buying an additional 1,842 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Simon Property Group during the fourth quarter worth approximately $54,000. Finally, Principal Financial Group Inc. grew its holdings in Simon Property Group by 7.7% in the 4th quarter. Principal Financial Group Inc. now owns 1,376,194 shares of the real estate investment trust’s stock worth $236,995,000 after buying an additional 98,366 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Trading Down 0.5%

Shares of SPG stock opened at $157.13 on Wednesday. The stock has a 50-day simple moving average of $158.24 and a 200 day simple moving average of $168.08. The stock has a market capitalization of $51.29 billion, a P/E ratio of 25.02, a P/E/G ratio of 8.79 and a beta of 1.47. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. Simon Property Group’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.56 EPS. On average, sell-side analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group’s payout ratio is 133.76%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Piper Sandler cut their target price on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Mizuho lowered their price target on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating on the stock in a report on Tuesday, June 10th. Scotiabank lifted their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research note on Tuesday. Stifel Nicolaus increased their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 29th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $179.44.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.