Intact Investment Management Inc. Invests $74,000 in Simon Property Group, Inc. (NYSE:SPG)

by · The Cerbat Gem

Intact Investment Management Inc. purchased a new position in Simon Property Group, Inc. (NYSE:SPG – Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 440 shares of the real estate investment trust’s stock, valued at approximately $74,000.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Simon Property Group by 1.5% in the first quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock valued at $7,258,076,000 after buying an additional 672,941 shares during the period. Boston Partners raised its stake in Simon Property Group by 4.2% in the 1st quarter. Boston Partners now owns 2,321,228 shares of the real estate investment trust’s stock valued at $363,165,000 after acquiring an additional 92,648 shares during the period. Centersquare Investment Management LLC lifted its holdings in Simon Property Group by 4.5% during the first quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock valued at $283,905,000 after purchasing an additional 78,866 shares during the last quarter. PGGM Investments boosted its position in Simon Property Group by 1.9% during the second quarter. PGGM Investments now owns 1,238,123 shares of the real estate investment trust’s stock worth $187,947,000 after purchasing an additional 23,186 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of Simon Property Group by 6.7% in the second quarter. Hsbc Holdings PLC now owns 1,074,587 shares of the real estate investment trust’s stock worth $162,689,000 after purchasing an additional 67,513 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on SPG shares. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Scotiabank boosted their price objective on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Truist Financial raised their target price on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Mizuho upped their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $162.78.

Get Our Latest Research Report on SPG

Insider Transactions at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 1.3 %

Shares of NYSE SPG opened at $174.39 on Wednesday. The company has a current ratio of 2.00, a quick ratio of 2.04 and a debt-to-equity ratio of 8.20. The business has a 50-day moving average of $168.77 and a 200-day moving average of $156.96. The firm has a market capitalization of $56.86 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 9.54 and a beta of 1.74. Simon Property Group, Inc. has a 12 month low of $113.40 and a 12 month high of $177.08.

Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the company earned $3.20 EPS. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts expect that Simon Property Group, Inc. will post 12.83 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.82%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is 111.85%.

Simon Property Group Company Profile

(Free Report)

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.

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