Citigroup Inc. Has $58.14 Million Position in Simon Property Group, Inc. (NYSE:SPG)

Citigroup Inc. grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 66.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 350,059 shares of the real estate investment trust’s stock after purchasing an additional 139,137 shares during the quarter. Citigroup Inc.’s holdings in Simon Property Group were worth $58,138,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Hudson Canyon Capital Management acquired a new stake in shares of Simon Property Group in the first quarter valued at about $2,242,000. AlphaCore Capital LLC grew its position in shares of Simon Property Group by 11.6% in the first quarter. AlphaCore Capital LLC now owns 3,381 shares of the real estate investment trust’s stock valued at $562,000 after purchasing an additional 352 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Simon Property Group by 9.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 766,768 shares of the real estate investment trust’s stock valued at $127,345,000 after purchasing an additional 69,051 shares during the last quarter. Accuvest Global Advisors acquired a new stake in shares of Simon Property Group in the first quarter valued at about $498,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Simon Property Group by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust’s stock valued at $608,086,000 after purchasing an additional 23,873 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 522 shares of the business’s stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares of the company’s stock, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glyn Aeppel bought 234 shares of the business’s stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $37,273.86. Following the purchase, the director directly owned 19,057 shares of the company’s stock, valued at $3,035,589.53. The trade was a 1.24% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,386 shares of company stock valued at $380,066 in the last ninety days. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Stock Down 0.8%

Shares of SPG opened at $165.08 on Monday. The stock has a market cap of $53.89 billion, a price-to-earnings ratio of 25.51, a P/E/G ratio of 11.03 and a beta of 1.48. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a 50-day moving average price of $162.44 and a two-hundred day moving average price of $164.79.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.90 earnings per share. Equities analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $2.15 dividend. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. Simon Property Group’s dividend payout ratio is presently 129.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SPG shares. JPMorgan Chase & Co. lowered their price target on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. Scotiabank increased their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 17th. Mizuho reduced their target price on shares of Simon Property Group from $182.00 to $169.00 and set a “neutral” rating for the company in a research note on Tuesday, June 10th. Piper Sandler reduced their target price on shares of Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Finally, Barclays began coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They issued an “equal weight” rating and a $170.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $182.64.

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.