Bank of New York Mellon Corp Grows Position in Simon Property Group, Inc. (NYSE:SPG)

Bank of New York Mellon Corp raised its position in Simon Property Group, Inc. (NYSE:SPG) by 0.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,268,311 shares of the real estate investment trust’s stock after purchasing an additional 2,776 shares during the quarter. Bank of New York Mellon Corp’s holdings in Simon Property Group were worth $390,626,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc grew its stake in shares of Simon Property Group by 4.4% during the fourth quarter. IFP Advisors Inc now owns 3,735 shares of the real estate investment trust’s stock valued at $643,000 after buying an additional 159 shares during the last quarter. Black Diamond Financial LLC purchased a new position in Simon Property Group during the 4th quarter valued at $200,000. BCGM Wealth Management LLC grew its position in Simon Property Group by 1.4% in the 4th quarter. BCGM Wealth Management LLC now owns 10,016 shares of the real estate investment trust’s stock valued at $1,725,000 after acquiring an additional 139 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Simon Property Group in the fourth quarter worth $5,528,000. Finally, Howard Capital Management Inc. lifted its position in shares of Simon Property Group by 5.1% during the fourth quarter. Howard Capital Management Inc. now owns 2,217 shares of the real estate investment trust’s stock worth $382,000 after purchasing an additional 108 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the transaction, the director now owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

NYSE SPG opened at $183.99 on Thursday. The company has a market cap of $60.03 billion, a PE ratio of 25.34, a P/E/G ratio of 10.10 and a beta of 1.74. The firm’s 50 day moving average price is $176.75 and its 200-day moving average price is $173.32. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. Simon Property Group, Inc. has a 52-week low of $139.25 and a 52-week high of $188.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 4.57%. The ex-dividend date is Monday, March 10th. Simon Property Group’s payout ratio is 115.70%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPG shares. Mizuho upped their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Finally, Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Six investment 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, the stock currently has an average rating of “Hold” and an average price target of $178.44.

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.