Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by QRG Capital Management Inc.

by · The Markets Daily

QRG Capital Management Inc. boosted its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 178,867 shares of the real estate investment trust’s stock after buying an additional 8,791 shares during the period. QRG Capital Management Inc. owned 0.05% of Simon Property Group worth $30,232,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Simon Property Group by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 46,380,446 shares of the real estate investment trust’s stock worth $7,258,076,000 after buying an additional 672,941 shares during the last quarter. Boston Partners boosted 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 worth $363,165,000 after buying an additional 92,648 shares during the last quarter. Centersquare Investment Management LLC raised its holdings in shares of Simon Property Group by 4.5% in the 1st quarter. Centersquare Investment Management LLC now owns 1,814,206 shares of the real estate investment trust’s stock worth $283,905,000 after purchasing an additional 78,866 shares during the period. PGGM Investments raised its holdings in shares of Simon Property Group by 1.9% in the 2nd 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 raised its holdings in shares of Simon Property Group by 6.7% in the 2nd 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 during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Up 1.4 %

SPG stock traded up $2.41 during midday trading on Monday, hitting $170.11. 35,612 shares of the company’s stock were exchanged, compared to its average volume of 1,438,655. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a 12-month low of $113.40 and a 12-month high of $177.08. The firm has a 50 day moving average price of $168.55 and a 200-day moving average price of $156.50. The stock has a market capitalization of $55.46 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 9.61 and a beta of 1.74.

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

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 4.94%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 104.19%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SPG shares. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Truist Financial raised their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a report on Monday, September 16th. Finally, Piper Sandler reiterated a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $162.78.

View Our Latest Research Report on Simon Property Group

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.50% of the company’s stock.

Simon Property Group 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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