Hutchinson Capital Management CA Takes $9.11 Million Position in Simon Property Group, Inc. (SPG)
Hutchinson Capital Management CA bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 56,596 shares of the real estate investment trust’s stock, valued at approximately $9,113,000. Simon Property Group makes up approximately 2.5% of Hutchinson Capital Management CA’s investment portfolio, making the stock its 20th largest position.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. IFP Advisors Inc raised its position in Simon Property Group by 20.4% during the 3rd quarter. IFP Advisors Inc now owns 2,279 shares of the real estate investment trust’s stock valued at $367,000 after purchasing an additional 386 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Simon Property Group by 21.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,370 shares of the real estate investment trust’s stock worth $704,000 after acquiring an additional 772 shares in the last quarter. Westpac Banking Corp raised its position in shares of Simon Property Group by 2.7% in the 3rd quarter. Westpac Banking Corp now owns 421,486 shares of the real estate investment trust’s stock worth $67,863,000 after acquiring an additional 11,141 shares in the last quarter. Probity Advisors Inc. bought a new position in shares of Simon Property Group in the 3rd quarter worth $211,000. Finally, RMR Advisors LLC raised its position in shares of Simon Property Group by 4.5% in the 3rd quarter. RMR Advisors LLC now owns 46,427 shares of the real estate investment trust’s stock worth $7,475,000 after acquiring an additional 2,000 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $2.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.88 by $0.01. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion. Simon Property Group had a return on equity of 41.85% and a net margin of 31.96%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.70 EPS.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be paid a dividend of $1.85 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. The ex-dividend date is Wednesday, November 15th. This represents a $7.40 annualized dividend and a dividend yield of 4.76%. Simon Property Group’s payout ratio is 126.98%.
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SPG has been the subject of several recent research reports. BMO Capital Markets initiated coverage on Simon Property Group in a research report on Monday, September 11th. They issued an “outperform” rating and a $175.00 price target for the company. Stifel Nicolaus set a $170.00 price target on Simon Property Group and gave the stock a “hold” rating in a research report on Sunday, August 27th. Jefferies Group LLC reissued a “buy” rating on shares of Simon Property Group in a research report on Tuesday, July 25th. BidaskClub raised Simon Property Group from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research lowered Simon Property Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. Simon Property Group has an average rating of “Buy” and a consensus price target of $191.79.
Simon Property Group 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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