Sompo Asset Management Co. Ltd. Acquires 100 Shares of Simon Property Group, Inc. (NYSE:SPG)

Sompo Asset Management Co. Ltd. increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,830 shares of the real estate investment trust’s stock after purchasing an additional 100 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Simon Property Group were worth $430,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Lighthouse Investment Partners LLC bought a new position in shares of Simon Property Group during the 4th quarter valued at about $5,706,000. Corient Private Wealth LLC raised its position in Simon Property Group by 97.8% in the 4th 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. Wealth Enhancement Advisory Services LLC raised its position in Simon Property Group by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock valued at $5,169,000 after buying an additional 3,626 shares during the last quarter. Napa Wealth Management acquired a new stake in Simon Property Group in the 4th quarter valued at approximately $3,151,000. Finally, Aspiriant LLC acquired a new stake in Simon Property Group in the 1st quarter valued at approximately $1,139,000. Institutional investors own 93.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Evercore ISI raised 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 research report on Monday, September 16th. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Scotiabank boosted their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group currently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly 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 this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $166.55 on Friday. 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 $102.11 and a 12 month high of $169.18. The stock has a 50 day moving average of $159.20 and a 200-day moving average of $152.14. The company has a market capitalization of $54.30 billion, a P/E ratio of 21.22, a P/E/G ratio of 9.04 and a beta of 1.74.

Simon Property Group (NYSE:SPG) 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm posted $2.88 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. As a group, equities research analysts predict that Simon Property Group, Inc. will 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. Stockholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend is Monday, September 9th. Simon Property Group’s payout ratio is currently 104.46%.

About Simon Property Group

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.