Power Corp of Canada Purchases New Stake in Simon Property Group, Inc. (NYSE:SPG)

Posted by on Mar 16th, 2023

Power Corp of Canada bought a new position in Simon Property Group, Inc. (NYSE:SPG – Get Rating) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,176 shares of the real estate investment trust’s stock, valued at approximately $285,000.

Other hedge funds also recently bought and sold shares of the company. Community Bank N.A. bought a new stake in Simon Property Group during the 3rd quarter valued at approximately $26,000. Riverview Trust Co raised its holdings in Simon Property Group by 46.0% in the 3rd quarter. Riverview Trust Co now owns 308 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 97 shares in the last quarter. Trustcore Financial Services LLC acquired a new position in Simon Property Group in the 3rd quarter valued at approximately $31,000. Ronald Blue Trust Inc. raised its holdings in Simon Property Group by 291.1% in the 3rd quarter. Ronald Blue Trust Inc. now owns 352 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 262 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in Simon Property Group by 61.8% in the 3rd quarter. Zions Bancorporation N.A. now owns 356 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 136 shares in the last quarter. 83.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on SPG. StockNews.com began coverage on Simon Property Group in a report on Thursday. They issued a “hold” rating for the company. Truist Financial upped their price target on Simon Property Group from $125.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. Mizuho dropped their target price on Simon Property Group from $130.00 to $116.00 in a report on Monday. Morgan Stanley increased their target price on Simon Property Group from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, February 22nd. Finally, Citigroup increased their target price on Simon Property Group from $100.00 to $120.00 in a report on Wednesday, December 14th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $130.58.

Simon Property Group Stock Performance

SPG stock opened at $109.69 on Thursday. The business’s 50-day moving average price is $122.81 and its two-hundred day moving average price is $113.20. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 6.99. The firm has a market cap of $35.86 billion, a PE ratio of 16.82, a P/E/G ratio of 2.62 and a beta of 1.52. Simon Property Group, Inc. has a 1-year low of $86.02 and a 1-year high of $138.65.

Simon Property Group (NYSE:SPG – Get Rating) last posted its earnings results on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.08). The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.29 billion. Simon Property Group had a return on equity of 60.33% and a net margin of 40.43%. The business’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.09 earnings per share. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 10th will be paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 6.56%. The ex-dividend date is Thursday, March 9th. Simon Property Group’s dividend payout ratio is 110.43%.

About Simon Property Group

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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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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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