The Manufacturers Life Insurance Company raised its holdings in Simon Property Group Inc (NYSE:SPG) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 400,893 shares of the real estate investment trust’s stock after acquiring an additional 30,077 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Simon Property Group were worth $68,850,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in Simon Property Group by 69.7% in the 3rd quarter. Parallel Advisors LLC now owns 772 shares of the real estate investment trust’s stock valued at $124,000 after acquiring an additional 317 shares during the last quarter. Partnervest Advisory Services LLC acquired a new stake in Simon Property Group in the 4th quarter valued at about $204,000. Murphy Capital Management Inc. acquired a new stake in Simon Property Group in the 4th quarter valued at about $206,000. First Merchants Corp acquired a new stake in Simon Property Group in the 4th quarter valued at about $213,000. Finally, Ausdal Financial Partners Inc. acquired a new stake in Simon Property Group in the 3rd quarter valued at about $204,000. Institutional investors own 47.57% of the company’s stock.
Simon Property Group Inc (NYSE:SPG) opened at $156.09 on Friday. The company has a current ratio of 1.75, a quick ratio of 0.93 and a debt-to-equity ratio of 5.87. The firm has a market cap of $99,861.70, a P/E ratio of 13.91, a P/E/G ratio of 1.98 and a beta of 0.55. Simon Property Group Inc has a 1 year low of $150.15 and a 1 year high of $187.35.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Wednesday, February 14th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Tuesday, February 13th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.00%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.85. Simon Property Group’s dividend payout ratio (DPR) is presently 124.80%.
A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Simon Property Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. ValuEngine downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Boenning Scattergood reiterated a “buy” rating and issued a $240.00 price objective on shares of Simon Property Group in a report on Thursday, February 1st. SunTrust Banks set a $170.00 price target on shares of Simon Property Group and gave the stock a “hold” rating in a report on Sunday, October 29th. Finally, Mizuho set a $183.00 price target on shares of Simon Property Group and gave the stock a “buy” rating in a report on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $191.11.
In related news, SVP Steven K. Broadwater sold 621 shares of the stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $171.95, for a total transaction of $106,780.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 8.42% of the company’s stock.
About Simon Property Group
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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