State of Alaska Department of Revenue Has $29.88 Million Stock Position in Simon Property Group, Inc. (NYSE:SPG)

State of Alaska Department of Revenue grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 190,938 shares of the real estate investment trust’s stock after purchasing an additional 1,238 shares during the quarter. State of Alaska Department of Revenue’s holdings in Simon Property Group were worth $29,878,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Coldstream Capital Management Inc. boosted its stake in shares of Simon Property Group by 1.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 5,192 shares of the real estate investment trust’s stock worth $741,000 after acquiring an additional 77 shares during the period. Cascade Investment Group Inc. boosted its stake in shares of Simon Property Group by 0.5% during the 4th quarter. Cascade Investment Group Inc. now owns 14,701 shares of the real estate investment trust’s stock worth $2,097,000 after acquiring an additional 80 shares during the period. Salem Investment Counselors Inc. boosted its stake in shares of Simon Property Group by 16.6% during the 4th quarter. Salem Investment Counselors Inc. now owns 563 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 80 shares during the period. Schechter Investment Advisors LLC boosted its stake in Simon Property Group by 2.4% in the 4th quarter. Schechter Investment Advisors LLC now owns 3,403 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 81 shares during the period. Finally, Sound View Wealth Advisors Group LLC boosted its stake in Simon Property Group by 1.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 5,563 shares of the real estate investment trust’s stock valued at $794,000 after purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is owned by insiders.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $0.48 during trading on Wednesday, reaching $148.26. 619,439 shares of the company traded hands, compared to its average volume of 1,498,410. The company’s 50 day moving average is $147.79 and its two-hundred day moving average is $146.79. The firm has a market capitalization of $48.32 billion, a PE ratio of 19.00, a PEG ratio of 9.02 and a beta of 1.75. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group, Inc. has a 52 week low of $102.11 and a 52 week high of $157.82.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the firm posted $2.74 EPS. Simon Property Group’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $2.00 per share. The ex-dividend date was Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.40%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 101.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SPG shares. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Scotiabank boosted their price target on Simon Property Group from $142.00 to $152.00 and gave the company a “sector perform” rating in a research note on Thursday, May 16th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.60.

About Simon Property Group

Simon is a real estate investment trust engaged 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.