First Manhattan Co. Has $286,000 Position in Simon Property Group, Inc. (NYSE:SPG)

First Manhattan Co. raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 24.6% during the second quarter, Holdings Channel reports. The fund owned 1,770 shares of the real estate investment trust’s stock after buying an additional 350 shares during the period. First Manhattan Co.’s holdings in Simon Property Group were worth $286,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in SPG. BlackRock Inc. raised its stake in Simon Property Group by 1,886.1% in the first quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock valued at $5,121,238,000 after buying an additional 28,270,599 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Simon Property Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 45,481,675 shares of the real estate investment trust’s stock valued at $7,824,213,000 after buying an additional 923,592 shares during the period. PGGM Investments increased its position in shares of Simon Property Group by 31.8% in the first quarter. PGGM Investments now owns 3,473,850 shares of the real estate investment trust’s stock valued at $597,606,000 after buying an additional 839,043 shares during the period. APG Asset Management US Inc. increased its position in shares of Simon Property Group by 7.4% in the second quarter. APG Asset Management US Inc. now owns 7,258,540 shares of the real estate investment trust’s stock valued at $1,174,141,000 after buying an additional 498,800 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Simon Property Group by 73.2% in the first quarter. Renaissance Technologies LLC now owns 1,074,905 shares of the real estate investment trust’s stock valued at $184,916,000 after buying an additional 454,400 shares during the period. 95.64% of the stock is owned by institutional investors and hedge funds.

Simon Property Group, Inc. (NYSE SPG) opened at 163.41 on Thursday. The company has a market cap of $50.79 billion, a P/E ratio of 29.12 and a beta of 0.58. Simon Property Group, Inc. has a 12-month low of $150.15 and a 12-month high of $219.41. The stock’s 50 day moving average is $160.80 and its 200 day moving average is $167.46.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.63 earnings per share. On average, equities analysts forecast that Simon Property Group, Inc. will post $6.28 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be given a $1.80 dividend. The ex-dividend date is Tuesday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 annualized dividend and a dividend yield of 4.41%. Simon Property Group’s dividend payout ratio is presently 124.33%.

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Several research analysts recently commented on SPG shares. Zacks Investment Research downgraded shares of Simon Property Group from a “hold” rating to a “sell” rating in a report on Wednesday, April 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $210.00 target price on shares of Simon Property Group in a report on Monday, April 17th. Barclays PLC dropped their target price on shares of Simon Property Group from $206.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Vetr upgraded shares of Simon Property Group from a “buy” rating to a “strong-buy” rating and set a $186.15 target price on the stock in a report on Wednesday, April 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $182.00 target price on shares of Simon Property Group in a report on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $195.01.

About Simon Property Group

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.

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

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