HGK Asset Management Inc. Reduces Stake in Simon Property Group Inc (NYSE:SPG)

HGK Asset Management Inc. lowered its holdings in Simon Property Group Inc (NYSE:SPG) by 15.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 30,031 shares of the real estate investment trust’s stock after selling 5,409 shares during the quarter. HGK Asset Management Inc.’s holdings in Simon Property Group were worth $5,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPG. Ashburton Jersey Ltd purchased a new stake in Simon Property Group in the 2nd quarter worth approximately $25,000. Griffin Asset Management Inc. purchased a new stake in Simon Property Group in the 2nd quarter worth approximately $26,000. Stonebridge Capital Advisors LLC purchased a new stake in Simon Property Group in the 2nd quarter worth approximately $30,000. Weaver Consulting Group purchased a new position in shares of Simon Property Group in the 2nd quarter valued at approximately $32,000. Finally, Ellevest Inc. purchased a new position in shares of Simon Property Group in the 2nd quarter valued at approximately $42,000. Institutional investors and hedge funds own 95.62% of the company’s stock.

SPG stock opened at $153.49 on Friday. Simon Property Group Inc has a twelve month low of $145.28 and a twelve month high of $191.49. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 7.02. The firm has a market cap of $47.65 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 2.88 and a beta of 0.54. The business has a 50 day moving average of $152.31 and a 200 day moving average of $161.61.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $2.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.98 by $0.01. Simon Property Group had a return on equity of 63.49% and a net margin of 40.48%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the company earned $2.98 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts expect that Simon Property Group Inc will post 12.23 earnings per share for the current fiscal year.

SPG has been the subject of a number of research analyst reports. ValuEngine upgraded Simon Property Group from a “sell” rating to a “hold” rating in a research note on Friday. Citigroup cut Simon Property Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $187.00 to $170.00 in a research note on Monday, September 23rd. SunTrust Banks lowered their target price on Simon Property Group from $185.00 to $160.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Morgan Stanley lowered their target price on Simon Property Group from $170.00 to $157.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd. Finally, Barclays set a $218.00 target price on Simon Property Group and gave the company a “buy” rating in a research note on Friday, October 11th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $184.30.

Simon Property Group Company 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.

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

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