First Trust Advisors LP Sells 650,112 Shares of Simon Property Group Inc (NYSE:SPG)

First Trust Advisors LP lessened its holdings in Simon Property Group Inc (NYSE:SPG) by 85.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,736 shares of the real estate investment trust’s stock after selling 650,112 shares during the quarter. First Trust Advisors LP’s holdings in Simon Property Group were worth $7,299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SPG. Franklin Resources Inc. raised its holdings in Simon Property Group by 2.2% in the 4th quarter. Franklin Resources Inc. now owns 414,276 shares of the real estate investment trust’s stock valued at $61,710,000 after buying an additional 9,080 shares during the last quarter. Pensionfund Sabic raised its holdings in Simon Property Group by 24.7% during the 1st quarter. Pensionfund Sabic now owns 45,506 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 9,000 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Simon Property Group by 1.8% during the 1st quarter. State of Alaska Department of Revenue now owns 140,574 shares of the real estate investment trust’s stock worth $7,711,000 after purchasing an additional 2,438 shares during the last quarter. Truehand Inc raised its holdings in Simon Property Group by 115.6% during the 1st quarter. Truehand Inc now owns 23,835 shares of the real estate investment trust’s stock worth $1,308,000 after purchasing an additional 12,778 shares during the last quarter. Finally, IBM Retirement Fund raised its holdings in Simon Property Group by 60.2% during the 1st quarter. IBM Retirement Fund now owns 7,279 shares of the real estate investment trust’s stock worth $399,000 after purchasing an additional 2,734 shares during the last quarter. Institutional investors and hedge funds own 90.14% of the company’s stock.

NYSE SPG opened at $62.35 on Friday. The company has a fifty day simple moving average of $66.14 and a 200 day simple moving average of $85.01. Simon Property Group Inc has a 12-month low of $42.25 and a 12-month high of $164.46. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 11.16. The company has a market cap of $19.98 billion, a P/E ratio of 9.65, a PEG ratio of 1.23 and a beta of 1.34.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, May 11th. The real estate investment trust reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.90 by ($1.47). The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. Simon Property Group had a net margin of 35.20% and a return on equity of 68.08%. The business’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.78 EPS. Sell-side analysts predict that Simon Property Group Inc will post 10.36 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 8.34%. The ex-dividend date of this dividend was Thursday, July 9th. Simon Property Group’s dividend payout ratio is 43.19%.

SPG has been the subject of several analyst reports. Raymond James lowered shares of Simon Property Group from an “outperform” rating to a “market perform” rating in a report on Thursday, June 11th. Bank of America downgraded shares of Simon Property Group from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research report on Tuesday, April 14th. Stifel Nicolaus raised their price objective on shares of Simon Property Group from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Tuesday, June 30th. SunTrust Banks reduced their price objective on shares of Simon Property Group from $140.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, April 24th. Finally, Cfra reduced their price objective on shares of Simon Property Group from $120.00 to $50.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $91.29.

In other news, Director Glyn Aeppel acquired 1,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $50.50 per share, with a total value of $50,500.00. Following the acquisition, the director now directly owns 8,317 shares of the company’s stock, valued at $420,008.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. 8.93% of the stock is owned by insiders.

Simon Property Group Profile

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Read More: Why do analysts give a neutral rating?

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

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