California Public Employees Retirement System Has $95.49 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

California Public Employees Retirement System cut its position in Simon Property Group, Inc. (NYSE:SPG) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 731,831 shares of the real estate investment trust’s stock after selling 26,802 shares during the quarter. California Public Employees Retirement System owned 0.22% of Simon Property Group worth $95,489,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of SPG. Ameriprise Financial Inc. raised its position in shares of Simon Property Group by 308.5% in the 1st quarter. Ameriprise Financial Inc. now owns 1,465,848 shares of the real estate investment trust’s stock valued at $170,935,000 after buying an additional 1,107,033 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Simon Property Group by 5,943.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,006,914 shares of the real estate investment trust’s stock valued at $114,557,000 after buying an additional 990,254 shares in the last quarter. Parnassus Investments CA bought a new stake in shares of Simon Property Group during the 2nd quarter valued at approximately $119,235,000. Bank of New York Mellon Corp grew its holdings in shares of Simon Property Group by 12.3% during the 1st quarter. Bank of New York Mellon Corp now owns 5,194,720 shares of the real estate investment trust’s stock valued at $591,004,000 after purchasing an additional 569,989 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Simon Property Group by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 47,181,855 shares of the real estate investment trust’s stock valued at $6,156,288,000 after purchasing an additional 567,034 shares during the last quarter. Institutional investors own 86.37% of the company’s stock.

Simon Property Group stock opened at $137.15 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 7.16. Simon Property Group, Inc. has a 12-month low of $59.35 and a 12-month high of $137.56. The firm’s fifty day moving average is $132.51 and its 200 day moving average is $127.36. The company has a market capitalization of $45.07 billion, a PE ratio of 29.95, a PEG ratio of 1.70 and a beta of 1.54.

Simon Property Group (NYSE:SPG) last released its earnings results on Sunday, August 1st. The real estate investment trust reported $1.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.37 by ($0.81). Simon Property Group had a net margin of 31.67% and a return on equity of 43.97%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. Sell-side analysts expect that Simon Property Group, Inc. will post 10.82 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Thursday, September 9th were issued a dividend of $1.50 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.40. The ex-dividend date was Wednesday, September 8th. This represents a $6.00 annualized dividend and a yield of 4.37%. Simon Property Group’s dividend payout ratio is presently 65.86%.

SPG has been the topic of several research reports. Truist Securities lifted their price target on shares of Simon Property Group from $130.00 to $136.00 and gave the company a “hold” rating in a report on Monday, August 16th. Truist lifted their price target on shares of Simon Property Group from $130.00 to $136.00 and gave the company a “hold” rating in a report on Monday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus raised shares of Simon Property Group from a “hold” rating to a “buy” rating and lifted their price target for the company from $125.00 to $132.00 in a report on Monday, July 19th. Scotiabank lifted their price target on shares of Simon Property Group from $117.00 to $138.00 and gave the company a “sector perform” rating in a report on Monday, June 28th. Finally, Morgan Stanley lifted their price target on shares of Simon Property Group from $150.00 to $161.00 and gave the company an “overweight” rating in a report on Friday, August 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average target price of $137.83.

About Simon Property Group

Simon Property Group, Inc operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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