State of Michigan Retirement System Purchases 5,400 Shares of Simon Property Group, Inc. (NYSE:SPG)

State of Michigan Retirement System increased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 5.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,549 shares of the real estate investment trust’s stock after purchasing an additional 5,400 shares during the quarter. State of Michigan Retirement System’s holdings in Simon Property Group were worth $18,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SPG. Farther Finance Advisors LLC increased its stake in shares of Simon Property Group by 46.5% during the third quarter. Farther Finance Advisors LLC now owns 2,781 shares of the real estate investment trust’s stock valued at $470,000 after buying an additional 883 shares during the period. Van ECK Associates Corp increased its position in Simon Property Group by 11.7% during the 3rd quarter. Van ECK Associates Corp now owns 153,314 shares of the real estate investment trust’s stock valued at $26,649,000 after purchasing an additional 16,032 shares during the period. Intact Investment Management Inc. purchased a new position in Simon Property Group during the 3rd quarter valued at $74,000. National Pension Service raised its holdings in Simon Property Group by 12.8% in the 3rd quarter. National Pension Service now owns 929,095 shares of the real estate investment trust’s stock worth $157,036,000 after purchasing an additional 105,638 shares in the last quarter. Finally, Tobias Financial Advisors Inc. lifted its position in shares of Simon Property Group by 2.7% in the 3rd quarter. Tobias Financial Advisors Inc. now owns 3,660 shares of the real estate investment trust’s stock worth $619,000 after purchasing an additional 97 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 465 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SPG. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 target price for the company. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Friday, February 28th. Mizuho increased their price objective on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $175.00 to $205.00 in a research report on Wednesday, February 5th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $178.44.

Simon Property Group Trading Down 2.4 %

NYSE SPG opened at $183.30 on Wednesday. Simon Property Group, Inc. has a 12 month low of $139.25 and a 12 month high of $190.14. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The stock’s fifty day moving average price is $177.83 and its 200-day moving average price is $174.25. The stock has a market cap of $59.81 billion, a P/E ratio of 25.25, a P/E/G ratio of 10.10 and a beta of 1.78.

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

Simon Property Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a $2.10 dividend. The ex-dividend date is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.58%. Simon Property Group’s dividend payout ratio (DPR) is presently 115.70%.

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.