Essex Financial Services Inc. Raises Stake in Simon Property Group Inc. (SPG)

Essex Financial Services Inc. increased its position in shares of Simon Property Group Inc. (NYSE:SPG) by 4.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,771 shares of the real estate investment trust’s stock after buying an additional 170 shares during the period. Essex Financial Services Inc.’s holdings in Simon Property Group were worth $818,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Pictet Asset Management Ltd. boosted its position in shares of Simon Property Group by 2.7% in the first quarter. Pictet Asset Management Ltd. now owns 201,199 shares of the real estate investment trust’s stock worth $38,174,000 after buying an additional 5,300 shares during the last quarter. Uniplan Investment Counsel Inc. boosted its position in shares of Simon Property Group by 10.0% in the first quarter. Uniplan Investment Counsel Inc. now owns 714,628 shares of the real estate investment trust’s stock worth $139,813,000 after buying an additional 64,966 shares during the last quarter. Scotia Capital Inc. boosted its position in shares of Simon Property Group by 2.7% in the first quarter. Scotia Capital Inc. now owns 3,420 shares of the real estate investment trust’s stock worth $711,000 after buying an additional 90 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Simon Property Group by 113.3% in the first quarter. Lazard Asset Management LLC now owns 155,222 shares of the real estate investment trust’s stock worth $32,237,000 after buying an additional 82,448 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Simon Property Group by 152.1% in the first quarter. Meeder Asset Management Inc. now owns 6,417 shares of the real estate investment trust’s stock worth $1,333,000 after buying an additional 3,872 shares during the last quarter. 98.56% of the stock is owned by institutional investors.

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

Simon Property Group Inc. (NYSE:SPG) traded down 0.91% during trading on Friday, hitting $196.99. The stock had a trading volume of 1,056,359 shares. The company has a market cap of $61.90 billion, a price-to-earnings ratio of 34.99 and a beta of 0.75. Simon Property Group Inc. has a 52 week low of $176.11 and a 52 week high of $229.10. The company has a 50-day moving average of $208.81 and a 200 day moving average of $209.52.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.01. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Simon Property Group had a return on equity of 34.61% and a net margin of 34.03%. Simon Property Group’s revenue was down 2.5% compared to the same quarter last year. During the same period last year, the firm posted $2.41 earnings per share. On average, equities research analysts anticipate that Simon Property Group Inc. will post $10.86 EPS for the current year.

A number of research firms recently issued reports on SPG. RBC Capital Markets cut Simon Property Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $220.00 to $230.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Royal Bank Of Canada cut Simon Property Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $220.00 to $230.00 in a report on Tuesday, August 2nd. Stifel Nicolaus lifted their price target on Simon Property Group from $232.00 to $240.00 and gave the company a “buy” rating in a report on Monday, August 1st. Vetr raised Simon Property Group from a “sell” rating to a “hold” rating and set a $232.00 price target for the company in a report on Tuesday, August 2nd. Finally, Zacks Investment Research cut Simon Property Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $236.00.

In related news, SVP Steven K. Broadwater sold 945 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $215.41, for a total value of $203,562.45. Following the sale, the senior vice president now directly owns 2,965 shares of the company’s stock, valued at $638,690.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Juster sold 7,000 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $215.68, for a total value of $1,509,760.00. The disclosure for this sale can be found here. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.

5 Day Chart for NYSE:SPG

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