New York State Common Retirement Fund Has $44.13 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

Posted by Defense World Staff on Apr 14th, 2023

New York State Common Retirement Fund grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 375,603 shares of the real estate investment trust’s stock after buying an additional 2,908 shares during the quarter. New York State Common Retirement Fund owned 0.11% of Simon Property Group worth $44,126,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. AMI Investment Management Inc. lifted its position in shares of Simon Property Group by 1.2% during the first quarter. AMI Investment Management Inc. now owns 17,576 shares of the real estate investment trust’s stock valued at $2,312,000 after purchasing an additional 204 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Simon Property Group by 9.8% during the first quarter. Raymond James Trust N.A. now owns 4,138 shares of the real estate investment trust’s stock valued at $544,000 after purchasing an additional 371 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Simon Property Group by 56.8% during the first quarter. Blair William & Co. IL now owns 55,270 shares of the real estate investment trust’s stock valued at $7,271,000 after purchasing an additional 20,022 shares in the last quarter. Prudential PLC bought a new position in shares of Simon Property Group during the first quarter valued at about $642,000. Finally, Dakota Wealth Management bought a new position in shares of Simon Property Group during the first quarter valued at about $390,000. 83.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on SPG. Mizuho dropped their price target on shares of Simon Property Group from $130.00 to $116.00 in a research report on Monday, March 13th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday. Truist Financial lifted their price objective on shares of Simon Property Group from $125.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Simon Property Group from $115.00 to $130.00 in a research report on Tuesday, January 3rd. Finally, Morgan Stanley lifted their price objective on shares of Simon Property Group from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 22nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.42.

Insider Activity at Simon Property Group

In other news, Director Karen N. Horn acquired 551 shares of Simon Property Group stock in a transaction that occurred on Friday, March 31st. The stock was bought at an average price of $109.33 per share, with a total value of $60,240.83. Following the completion of the purchase, the director now owns 34,079 shares in the company, valued at $3,725,857.07. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Stock Performance

NYSE SPG opened at $108.94 on Friday. The company’s 50 day moving average is $116.42 and its 200-day moving average is $114.26. Simon Property Group, Inc. has a 12-month low of $86.02 and a 12-month high of $134.80. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 6.99. The firm has a market cap of $35.62 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 2.59 and a beta of 1.51.

Simon Property Group (NYSE:SPG – Get Rating) last posted its quarterly earnings results on Monday, February 6th. The real estate investment trust reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.14 by ($1.08). Simon Property Group had a net margin of 40.43% and a return on equity of 60.33%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the firm earned $3.09 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts predict that Simon Property Group, Inc. will post 12.03 earnings per share for the current year.

Simon Property Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 10th were paid a dividend of $1.80 per share. The ex-dividend date was Thursday, March 9th. This represents a $7.20 annualized dividend and a yield of 6.61%. Simon Property Group’s dividend payout ratio is currently 110.43%.

Simon Property Group Company Profile

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Simon Property Group, Inc is a self-administered and self-managed real estate investment trust, which engages in the ownership, development, and management of shopping, dining, entertainment, and mixed-used destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in 1993 and is headquartered in Indianapolis, IN.