Agran Libbie Reduces Stake in Simon Property Group Inc. (SPG)
Agran Libbie lowered its position in Simon Property Group Inc. (NYSE:SPG) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,892 shares of the real estate investment trust’s stock after selling 484 shares during the period. Simon Property Group makes up about 2.8% of Agran Libbie’s portfolio, making the stock its 4th largest position. Agran Libbie’s holdings in Simon Property Group were worth $11,255,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Arcadia Investment Management Corp MI raised its position in shares of Simon Property Group by 531.3% in the second quarter. Arcadia Investment Management Corp MI now owns 505 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 425 shares during the last quarter. Dixon Hubard Feinour & Brown Inc. VA bought a new stake in shares of Simon Property Group during the first quarter valued at about $206,000. Reynolds Capital Management LLC bought a new stake in shares of Simon Property Group during the first quarter valued at about $208,000. William Harris Investors Inc. increased its stake in shares of Simon Property Group by 0.8% in the first quarter. William Harris Investors Inc. now owns 1,092 shares of the real estate investment trust’s stock valued at $227,000 after buying an additional 9 shares during the period. Finally, Sigma Planning Corp bought a new stake in shares of Simon Property Group during the second quarter valued at about $255,000. 98.56% of the stock is currently owned by institutional investors.
Shares of Simon Property Group Inc. (NYSE:SPG) traded down 0.15% during mid-day trading on Wednesday, reaching $212.61. The company had a trading volume of 1,140,314 shares. Simon Property Group Inc. has a one year low of $176.11 and a one year high of $229.10. The firm has a 50 day moving average of $213.56 and a 200-day moving average of $209.80. The stock has a market capitalization of $66.81 billion, a P/E ratio of 37.76 and a beta of 0.76.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.01. The business earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Simon Property Group had a return on equity of 34.61% and a net margin of 34.03%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.41 earnings per share. Analysts forecast that Simon Property Group Inc. will post $10.86 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were issued a $1.65 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.60. The ex-dividend date was Monday, August 15th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.10%. Simon Property Group’s dividend payout ratio (DPR) is presently 117.23%.
Several equities research analysts recently issued reports on SPG shares. Stifel Nicolaus upped their price target on Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Zacks Investment Research upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $243.00 price target for the company in a report on Tuesday, July 5th. Vetr downgraded Simon Property Group from a “strong-buy” rating to a “buy” rating and set a $227.18 price target for the company. in a report on Wednesday, June 15th. Goldman Sachs Group Inc. downgraded Simon Property Group from a “conviction-buy” rating to a “buy” rating and decreased their price target for the stock from $243.00 to $236.00 in a report on Monday, June 13th. Finally, Deutsche Bank AG upped their price target on Simon Property Group from $232.00 to $233.00 and gave the stock a “buy” rating in a report on Wednesday, August 17th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $236.00.
In related news, CFO Andrew Juster sold 7,000 shares of Simon Property Group stock in a transaction on Monday, August 29th. The stock was sold at an average price of $215.68, for a total value of $1,509,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Steven K. Broadwater sold 945 shares of Simon Property Group stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $215.41, for a total value of $203,562.45. Following the completion of the sale, the senior vice president now directly owns 2,965 shares of the company’s stock, valued at approximately $638,690.65. The disclosure for this sale can be found here. 8.50% of the stock is owned by company 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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