Simon Property Group Inc (SPG) Shares Sold by California State Teachers Retirement System
California State Teachers Retirement System cut its stake in shares of Simon Property Group Inc (NYSE:SPG) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 515,734 shares of the real estate investment trust’s stock after selling 7,628 shares during the period. California State Teachers Retirement System’s holdings in Simon Property Group were worth $88,572,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in SPG. Artisan Partners Limited Partnership acquired a new stake in Simon Property Group in the third quarter valued at $41,999,000. Milestone Group Inc. increased its holdings in Simon Property Group by 75.1% in the third quarter. Milestone Group Inc. now owns 2,331 shares of the real estate investment trust’s stock valued at $375,000 after purchasing an additional 1,000 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its holdings in Simon Property Group by 23.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,778 shares of the real estate investment trust’s stock valued at $770,000 after purchasing an additional 898 shares during the period. Eagle Asset Management Inc. increased its holdings in Simon Property Group by 1.0% in the fourth quarter. Eagle Asset Management Inc. now owns 243,722 shares of the real estate investment trust’s stock valued at $38,546,000 after purchasing an additional 2,446 shares during the period. Finally, Bogart Wealth LLC increased its holdings in Simon Property Group by 26.5% in the fourth quarter. Bogart Wealth LLC now owns 9,582 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 2,005 shares during the period. Institutional investors own 94.86% of the company’s stock.
A number of research firms recently weighed in on SPG. Zacks Investment Research downgraded Simon Property Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Barclays decreased their price objective on Simon Property Group from $190.00 to $188.00 and set an “overweight” rating for the company in a report on Monday, February 26th. ValuEngine downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Boenning Scattergood restated a “buy” rating and issued a $240.00 price objective on shares of Simon Property Group in a report on Thursday, February 1st. Finally, Raymond James Financial set a $185.00 price objective on Simon Property Group and gave the company a “buy” rating in a report on Sunday, December 3rd. One equities 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. Simon Property Group currently has a consensus rating of “Buy” and an average price target of $191.01.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $3.12 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $3.12. Simon Property Group had a return on equity of 44.93% and a net margin of 35.14%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the business posted $1.26 EPS. The business’s revenue was up .1% compared to the same quarter last year. sell-side analysts predict that Simon Property Group Inc will post 12 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Wednesday, February 14th were issued a dividend of $1.95 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.85. This represents a $7.80 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date of this dividend was Tuesday, February 13th. Simon Property Group’s dividend payout ratio (DPR) is presently 125.00%.
In other news, SVP Steven K. Broadwater sold 621 shares of the stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $171.95, for a total transaction of $106,780.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.42% of the stock is owned by corporate insiders.
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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