Simon Property Group, Inc. (NYSE:SPG) Shares bought by Michigan State Retirement System

State of Michigan Retirement System raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 104,949 shares of the real estate investment trust’s stock after acquiring an additional 3,300 shares during the quarter. Michigan Retirement System’s holdings in Simon Property Group were worth $15,931,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC purchased a new stake in Simon Property Group during the fourth quarter valued at about $5,706,000. Corient Private Wealth LLC boosted its holdings in shares of Simon Property Group by 97.8% during the fourth quarter. Corient Private Wealth LLC now owns 75,067 shares of the real estate investment trust’s stock valued at $10,708,000 after buying an additional 37,108 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Simon Property Group by 3.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 510,682 shares of the real estate investment trust’s stock valued at $71,541,000 after purchasing an additional 15,251 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in Simon Property Group by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares during the last quarter. Finally, Napa Wealth Management purchased a new stake in Simon Property Group in the fourth quarter valued at about $3,151,000. Institutional investors own 93.01% of the company’s shares.

Changes in Analyst Ratings

A number of analysts have commented on the stock. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Evercore ISI raised their price objective on shares of Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Mizuho upped their target price on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Scotiabank raised their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. . Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $155.65, according to MarketBeat.com.

Read Simon Property Group’s latest stock report

Simon Property Group stock performance

SPG opened at $166.40 on Tuesday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04, and a quick ratio of 2.04. Simon Property Group, Inc. has a 1 year low of $102.11 and a 1 year high of $168.09. The company has a fifty day simple moving average of $152.67 and a 200 day simple moving average of $149.97. The company has a market cap of $54.24 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 8.58 and a beta of 1.75.

Simon Property Group (NYSE:SPG – Get Your Free Report ) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business earned $2.88 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Research analysts expect that Simon Property Group, Inc. to post 12.85 EPS for the current year.

Simon Property Group increases dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9. This represents an annualized dividend of $8.20 and a dividend yield of 4.93%. Simon Property Group’s dividend payout ratio is currently 104.46%.

Insiders place their bets

In related news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. 8.50% of shares are currently owned by corporate insiders.

Simon Property Group company profile

(Free Report)

Simon is a real estate investment trust involved in the ownership of leading shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties in North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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