Meiji Yasuda Asset Management Co Ltd. Increases Stake in Simon Property Group, Inc. (NYSE:SPG)

Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 6.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,521 shares of the real estate investment trust’s stock after purchasing an additional 499 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Simon Property Group were worth $1,293,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SPG. Diligent Investors LLC boosted its holdings in shares of Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. grew its position in shares of Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares during the last quarter. TIAA Trust National Association increased its stake in shares of Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 69 shares during the period. Inspire Advisors LLC raised its holdings in shares of Simon Property Group by 1.7% during the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after acquiring an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in Simon Property Group by 26.9% in the second quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 73 shares during the period. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of several research reports. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Argus raised their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Piper Sandler restated a “neutral” rating and issued a $175.00 price objective (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $160.00 to $172.00 in a report on Monday. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $167.05 on Friday. The company has a 50 day moving average of $158.86 and a 200 day moving average of $152.03. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $169.18. The firm has a market cap of $54.46 billion, a P/E ratio of 21.28, a PEG ratio of 9.04 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the company earned $2.88 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, research analysts expect that Simon Property Group, Inc. will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $2.05 dividend. The ex-dividend date of this dividend is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.91%. Simon Property Group’s payout ratio is currently 104.46%.

Insider Activity

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Company Profile

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.