Principal Financial Group Inc. Acquires 98,366 Shares of Simon Property Group, Inc. (NYSE:SPG)

Principal Financial Group Inc. raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 7.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,376,194 shares of the real estate investment trust’s stock after purchasing an additional 98,366 shares during the quarter. Principal Financial Group Inc. owned approximately 0.42% of Simon Property Group worth $236,995,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB bought a new position in shares of Simon Property Group in the third quarter valued at about $834,000. First Hawaiian Bank raised its stake in shares of Simon Property Group by 35.0% in the fourth quarter. First Hawaiian Bank now owns 5,294 shares of the real estate investment trust’s stock worth $912,000 after acquiring an additional 1,372 shares during the last quarter. Red Cedar Investment Management LLC lifted its position in shares of Simon Property Group by 153.2% during the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Simon Property Group by 72.8% during the fourth quarter. Versant Capital Management Inc now owns 999 shares of the real estate investment trust’s stock valued at $172,000 after purchasing an additional 421 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in shares of Simon Property Group by 0.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 587,933 shares of the real estate investment trust’s stock valued at $101,130,000 after purchasing an additional 3,990 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $185.12 on Tuesday. The stock has a market cap of $60.40 billion, a PE ratio of 25.50, a price-to-earnings-growth ratio of 9.58 and a beta of 1.74. The stock has a 50-day moving average of $175.72 and a 200-day moving average of $171.69. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a one year low of $139.25 and a one year high of $188.14.

Simon Property Group (NYSE:SPG) last issued its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $2.10 per share. The ex-dividend date is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.54%. Simon Property Group’s dividend payout ratio is presently 115.70%.

Insider Buying and Selling at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 465 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the acquisition, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. The trade was a 0.84 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price target for the company from $175.00 to $205.00 in a report on Wednesday, February 5th. Mizuho boosted their price objective on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their target price for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $175.10.

Simon Property Group 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.