Conning Inc. decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 9,501 shares of the real estate investment trust’s stock after selling 141 shares during the period. Conning Inc.’s holdings in Simon Property Group were worth $1,537,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norway Savings Bank raised its position in shares of Simon Property Group by 75.3% in the first quarter. Norway Savings Bank now owns 640 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 275 shares during the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Simon Property Group by 8.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 643 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 50 shares during the last quarter. Alpha Windward LLC raised its position in shares of Simon Property Group by 4.1% in the first quarter. Alpha Windward LLC now owns 763 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 30 shares during the last quarter. Rockefeller Financial Services Inc. acquired a new position in shares of Simon Property Group during the first quarter valued at about $138,000. Finally, Israel Discount Bank of New York acquired a new position in shares of Simon Property Group during the first quarter valued at about $146,000. 95.77% of the stock is currently owned by institutional investors.

Shares of Simon Property Group, Inc. (NYSE SPG) opened at 160.34 on Tuesday. The stock’s 50 day moving average is $160.88 and its 200 day moving average is $166.83. The firm has a market capitalization of $49.84 billion, a P/E ratio of 28.58 and a beta of 0.58. Simon Property Group, Inc. has a 1-year low of $150.15 and a 1-year high of $219.41.

Simon Property Group (NYSE:SPG) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 EPS for the quarter, beating the Zacks’ consensus estimate of $2.44 by $0.03. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $2.63 EPS. Equities analysts predict that Simon Property Group, Inc. will post $6.43 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 4.49%. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, August 15th. Simon Property Group’s dividend payout ratio (DPR) is 124.33%.

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Several brokerages recently issued reports on SPG. Boenning Scattergood set a $240.00 price objective on shares of Simon Property Group and gave the company a “buy” rating in a report on Wednesday, August 2nd. Barclays PLC lifted their price target on shares of Simon Property Group from $188.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $190.00 price target on shares of Simon Property Group in a report on Monday, July 17th. Stifel Nicolaus assumed coverage on shares of Simon Property Group in a report on Friday, July 14th. They issued a “hold” rating and a $170.00 price target on the stock. Finally, BidaskClub raised shares of Simon Property Group from a “strong sell” rating to a “sell” rating in a report on Sunday, July 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $195.01.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.

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

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