Simon Property Group Inc (SPG) Shares Sold by California State Teachers Retirement System
California State Teachers Retirement System reduced its holdings in Simon Property Group Inc (NYSE:SPG) by 8.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 523,362 shares of the real estate investment trust’s stock after selling 49,656 shares during the quarter. California State Teachers Retirement System owned about 0.08% of Simon Property Group worth $84,267,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of SPG. Global X Management Co. LLC grew its position in shares of Simon Property Group by 11.0% in the second quarter. Global X Management Co. LLC now owns 3,397 shares of the real estate investment trust’s stock valued at $549,000 after purchasing an additional 336 shares during the last quarter. Sigma Planning Corp grew its position in Simon Property Group by 1.1% during the second quarter. Sigma Planning Corp now owns 3,832 shares of the real estate investment trust’s stock worth $620,000 after buying an additional 40 shares in the last quarter. IFC Holdings Incorporated FL acquired a new stake in Simon Property Group during the second quarter worth about $211,000. Pitcairn Co. grew its position in Simon Property Group by 7.5% during the second quarter. Pitcairn Co. now owns 1,299 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 91 shares in the last quarter. Finally, LMR Partners LLP acquired a new stake in Simon Property Group during the second quarter worth about $340,000. 47.60% of the stock is currently owned by institutional investors.
A number of equities research analysts recently weighed in on SPG shares. SunTrust Banks set a $170.00 target price on Simon Property Group and gave the stock a “hold” rating in a research report on Sunday, October 29th. Stifel Nicolaus reissued a “hold” rating and set a $170.00 target price on shares of Simon Property Group in a research report on Thursday, October 12th. Argus decreased their target price on Simon Property Group from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, August 22nd. Royal Bank of Canada reissued a “hold” rating and set a $176.00 target price on shares of Simon Property Group in a research report on Thursday, November 2nd. Finally, Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the stock a “buy” rating in a research report on Monday, October 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $191.11.
Shares of Simon Property Group Inc (NYSE:SPG) traded up $4.09 on Wednesday, reaching $166.35. 4,140,400 shares of the company’s stock were exchanged, compared to its average volume of 1,826,833. The company has a market capitalization of $103,809.08, a PE ratio of 14.74, a price-to-earnings-growth ratio of 2.19 and a beta of 0.62. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 5.57. Simon Property Group Inc has a 1 year low of $150.15 and a 1 year high of $188.10.
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 analysts’ consensus estimates of $2.88 by $0.01. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Simon Property Group had a net margin of 31.96% and a return on equity of 41.85%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.70 earnings per share. analysts expect that Simon Property Group Inc will post 11.2 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th were paid a dividend of $1.85 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.80. The ex-dividend date was Wednesday, November 15th. This represents a $7.40 dividend on an annualized basis and a yield of 4.45%. Simon Property Group’s dividend payout ratio (DPR) is currently 130.51%.
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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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