TD Asset Management Inc Raises Stock Position in Simon Property Group, Inc. (NYSE:SPG)

TD Asset Management Inc raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 10.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 139,274 shares of the real estate investment trust’s stock after acquiring an additional 13,500 shares during the period. TD Asset Management Inc’s holdings in Simon Property Group were worth $23,131,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Park Square Financial Group LLC lifted its holdings in shares of Simon Property Group by 108.0% in the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 81 shares during the period. Richardson Financial Services Inc. raised its position in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 111 shares in the last quarter. Continuum Advisory LLC lifted its holdings in Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 156 shares during the period. Colonial Trust Co SC boosted its position in Simon Property Group by 37.5% in the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its position in Simon Property Group by 77.2% in the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 95 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

Shares of NYSE:SPG opened at $168.07 on Wednesday. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The firm has a market capitalization of $54.86 billion, a PE ratio of 26.76, a P/E/G ratio of 11.16 and a beta of 1.43. The business’s 50 day moving average price is $161.55 and its 200-day moving average price is $165.32.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted $3.56 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were paid a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.00%. Simon Property Group’s dividend payout ratio is presently 133.76%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a “buy” rating and a $225.00 price objective for the company. Barclays started coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an “equal weight” rating and a $170.00 price objective for the company. JPMorgan Chase & Co. dropped their target price 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. Finally, Scotiabank lifted their price target on 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. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average price target of $182.73.

Insider Activity at Simon Property Group

In related news, Director Glyn Aeppel purchased 234 shares of the business’s stock in a transaction that occurred on 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 completion of the acquisition, the director owned 19,057 shares in the company, valued at $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stefan M. Selig acquired 219 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $34,884.51. Following the transaction, the director owned 31,881 shares of the company’s stock, valued at $5,078,324.49. This represents a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 2,386 shares of company stock worth $380,066 in the last 90 days. 8.60% of the stock is owned by insiders.

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.