National Bank of Canada FI Acquires 69,472 Shares of Simon Property Group, Inc. (NYSE:SPG)

National Bank of Canada FI increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 40.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 242,023 shares of the real estate investment trust’s stock after acquiring an additional 69,472 shares during the quarter. National Bank of Canada FI’s holdings in Simon Property Group were worth $40,195,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. increased its holdings in Simon Property Group by 133.0% in the 1st quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust’s stock valued at $532,529,000 after buying an additional 1,830,264 shares during the period. Northern Trust Corp lifted its holdings in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust’s stock worth $940,758,000 after acquiring an additional 1,718,398 shares during the period. Resolution Capital Ltd acquired a new stake in shares of Simon Property Group during the 4th quarter worth approximately $212,592,000. Massachusetts Financial Services Co. MA bought a new position in Simon Property Group in the first quarter valued at approximately $197,377,000. Finally, GAMMA Investing LLC increased its stake in Simon Property Group by 16,346.0% in the first quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust’s stock valued at $145,608,000 after acquiring an additional 871,405 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $165.08 on Friday. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.45. The company has a market cap of $53.89 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 11.03 and a beta of 1.48. The firm has a 50 day simple moving average of $162.44 and a 200 day simple moving average of $164.86.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company posted $2.90 EPS. The company’s revenue was up 13.9% on a year-over-year basis. Research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. Simon Property Group’s payout ratio is currently 132.92%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SPG shares. LADENBURG THALM/SH SH started coverage on Simon Property Group in a research note on Friday, July 18th. They set a “buy” rating and a $225.00 target price for the company. Mizuho lowered their price target on Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a report on Tuesday, June 10th. Scotiabank raised their price objective on Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 17th. JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus set a $179.00 target price on Simon Property Group and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $182.64.

Insider Buying and Selling

In other news, Director Gary M. Rodkin acquired 246 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $39,185.34. Following the purchase, the director owned 19,010 shares in the company, valued at $3,028,102.90. This trade represents a 1.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Reuben S. Leibowitz acquired 522 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 2,386 shares of company stock worth $380,066. Corporate insiders own 8.66% of the company’s stock.

Simon Property Group Company Profile

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.