Cascade Investment Group Inc. Reduces Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Cascade Investment Group Inc. lowered its position in Simon Property Group, Inc. (NYSE:SPG) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,071 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Simon Property Group comprises about 1.7% of Cascade Investment Group Inc.’s holdings, making the stock its 13th biggest holding. Cascade Investment Group Inc.’s holdings in Simon Property Group were worth $2,136,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Lighthouse Investment Partners LLC purchased a new position in Simon Property Group during the fourth quarter worth about $5,706,000. Corient Private Wealth LLC boosted its stake in Simon Property Group by 97.8% during the fourth quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock worth $10,708,000 after buying an additional 37,108 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Simon Property Group by 3.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock worth $71,541,000 after buying an additional 15,251 shares during the period. Napa Wealth Management purchased a new position in Simon Property Group during the fourth quarter worth about $3,151,000. Finally, Aspiriant LLC purchased a new position in Simon Property Group during the first quarter worth about $1,139,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 0.6 %

Simon Property Group stock traded up $0.90 during mid-day trading on Wednesday, hitting $156.82. The company had a trading volume of 960,246 shares, compared to its average volume of 1,468,108. The stock has a market cap of $51.11 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 8.69 and a beta of 1.75. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $159.73. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The business has a fifty day moving average of $150.99 and a 200 day moving average of $148.68.

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

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 5.23%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s dividend payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SPG shares. Argus increased their price target 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. Evercore ISI increased their price target on shares of 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. Scotiabank increased their price target on shares of 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. Stifel Nicolaus increased their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Finally, StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $153.50.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of the stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by insiders.

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.