Monetary Management Group Inc. reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 12.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,500 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Monetary Management Group Inc.’s holdings in Simon Property Group were worth $457,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Family Office LLC acquired a new position in shares of Simon Property Group in the 2nd quarter valued at about $228,000. Blair William & Co. IL lifted its stake in shares of Simon Property Group by 1.7% in the 2nd quarter. Blair William & Co. IL now owns 6,547 shares of the real estate investment trust’s stock valued at $854,000 after purchasing an additional 110 shares in the last quarter. Kentucky Retirement Systems acquired a new position in Simon Property Group during the 2nd quarter worth approximately $2,496,000. Bank of Montreal Can lifted its position in Simon Property Group by 55.2% during the 2nd quarter. Bank of Montreal Can now owns 1,301,949 shares of the real estate investment trust’s stock worth $170,672,000 after acquiring an additional 462,878 shares in the last quarter. Finally, Prospera Financial Services Inc lifted its position in Simon Property Group by 11.0% during the 2nd quarter. Prospera Financial Services Inc now owns 9,487 shares of the real estate investment trust’s stock worth $1,238,000 after acquiring an additional 944 shares in the last quarter. 86.37% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently commented on SPG shares. Deutsche Bank Aktiengesellschaft boosted their price target on Simon Property Group from $120.00 to $142.00 and gave the stock a “buy” rating in a research report on Tuesday, June 8th. UBS Group started coverage on Simon Property Group in a research report on Thursday, June 3rd. They set a “neutral” rating and a $135.00 price target on the stock. Truist boosted their price target on Simon Property Group from $130.00 to $136.00 and gave the stock a “hold” rating in a research report on Monday, August 16th. They noted that the move was a valuation call. Scotiabank boosted their price target on Simon Property Group from $117.00 to $138.00 and gave the stock a “sector perform” rating in a research report on Monday, June 28th. Finally, BTIG Research lifted their price objective on Simon Property Group from $125.00 to $177.00 and gave the stock a “buy” rating in a report on Friday, August 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $135.11.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Sunday, August 1st. The real estate investment trust reported $1.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.37 by ($0.81). Simon Property Group had a net margin of 31.67% and a return on equity of 43.97%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted $0.83 earnings per share. Simon Property Group’s revenue was up 18.1% compared to the same quarter last year. On average, research analysts expect that Simon Property Group, Inc. will post 10.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 9th will be paid a dividend of $1.50 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date is Wednesday, September 8th. Simon Property Group’s dividend payout ratio is presently 65.86%.
Simon Property Group Profile
Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.
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