Bank of New York Mellon Corp raised its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,838,794 shares of the real estate investment trust’s stock after buying an additional 108,510 shares during the period. Bank of New York Mellon Corp’s holdings in Simon Property Group were worth $944,483,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SPG. Alps Advisors Inc. raised its stake in Simon Property Group by 16.2% in the second quarter. Alps Advisors Inc. now owns 17,890 shares of the real estate investment trust’s stock worth $2,894,000 after buying an additional 2,500 shares during the last quarter. Green Street Investors LLC acquired a new stake in Simon Property Group during the second quarter worth about $16,775,000. SG Americas Securities LLC raised its stake in Simon Property Group by 32.8% in the second quarter. SG Americas Securities LLC now owns 58,598 shares of the real estate investment trust’s stock worth $9,479,000 after buying an additional 14,470 shares during the last quarter. State of Wisconsin Investment Board raised its stake in Simon Property Group by 25.2% in the second quarter. State of Wisconsin Investment Board now owns 393,897 shares of the real estate investment trust’s stock worth $63,717,000 after buying an additional 79,291 shares during the last quarter. Finally, Sarasin & Partners LLP raised its stake in Simon Property Group by 28.8% in the second quarter. Sarasin & Partners LLP now owns 711,759 shares of the real estate investment trust’s stock worth $115,134,000 after buying an additional 159,315 shares during the last quarter. Institutional investors own 95.77% of the company’s stock.

Simon Property Group, Inc. (NYSE:SPG) opened at 157.49 on Wednesday. The firm’s 50-day moving average is $160.79 and its 200 day moving average is $166.68. Simon Property Group, Inc. has a 52-week low of $150.15 and a 52-week high of $219.41. The firm has a market capitalization of $48.95 billion, a P/E ratio of 28.07 and a beta of 0.58.

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

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be given a dividend of $1.80 per share. The ex-dividend date is Tuesday, August 15th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 annualized dividend and a yield of 4.57%. Simon Property Group’s payout ratio is 124.33%.

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A number of research firms have recently issued reports on SPG. Barclays PLC increased their target price on Simon Property Group from $188.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, August 8th. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a report on Wednesday, August 2nd. BidaskClub upgraded Simon Property Group from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Jefferies Group LLC restated a “buy” rating on shares of Simon Property Group in a report on Tuesday, July 25th. Finally, Stifel Nicolaus began coverage on Simon Property Group in a report on Friday, July 14th. They issued a “hold” rating and a $170.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $195.01.

About Simon Property Group

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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