New York State Teachers Retirement System Reduces Position in Simon Property Group, Inc. (NYSE:SPG)

New York State Teachers Retirement System cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 343,967 shares of the real estate investment trust’s stock after selling 11,836 shares during the quarter. New York State Teachers Retirement System owned about 0.11% of Simon Property Group worth $52,214,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in shares of Simon Property Group during the first quarter valued at $25,000. EntryPoint Capital LLC purchased a new stake in Simon Property Group in the first quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new stake in Simon Property Group in the second quarter valued at $25,000. Pathway Financial Advisers LLC purchased a new stake in Simon Property Group in the first quarter valued at $29,000. Finally, Cape Investment Advisory Inc. boosted its holdings in Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded up $3.94 during trading hours on Friday, reaching $166.15. The stock had a trading volume of 510,688 shares, compared to its average volume of 1,451,188. The stock’s 50 day moving average is $151.93 and its 200 day moving average is $149.51. The firm has a market capitalization of $54.17 billion, a PE ratio of 20.97, a PEG ratio of 8.58 and a beta of 1.75. Simon Property Group, Inc. has a twelve month low of $102.11 and a twelve month high of $166.86. 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 (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share 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 company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the company earned $2.88 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.94%. The ex-dividend date is Monday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Argus upped their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Stifel Nicolaus upped their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. Evercore ISI upped their price target on shares of Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, Mizuho upped their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $153.95.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is owned by corporate insiders.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.