BTC Capital Management Inc. Boosts Stake in Simon Property Group Inc (SPG)

BTC Capital Management Inc. grew its holdings in shares of Simon Property Group Inc (NYSE:SPG) by 2.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 32,678 shares of the real estate investment trust’s stock after purchasing an additional 851 shares during the period. Simon Property Group comprises approximately 1.3% of BTC Capital Management Inc.’s portfolio, making the stock its 22nd biggest holding. BTC Capital Management Inc.’s holdings in Simon Property Group were worth $5,567,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SPG. BlackRock Inc. boosted its position in shares of Simon Property Group by 4.1% during the 1st quarter. BlackRock Inc. now owns 30,272,981 shares of the real estate investment trust’s stock valued at $4,672,633,000 after purchasing an additional 1,182,952 shares in the last quarter. Northern Trust Corp boosted its position in shares of Simon Property Group by 6.3% during the 1st quarter. Northern Trust Corp now owns 5,638,329 shares of the real estate investment trust’s stock valued at $870,277,000 after purchasing an additional 334,685 shares in the last quarter. Summit Trail Advisors LLC boosted its position in shares of Simon Property Group by 13,759.4% during the 1st quarter. Summit Trail Advisors LLC now owns 321,122 shares of the real estate investment trust’s stock valued at $321,000 after purchasing an additional 318,805 shares in the last quarter. Millennium Management LLC boosted its position in shares of Simon Property Group by 69.5% during the 1st quarter. Millennium Management LLC now owns 686,785 shares of the real estate investment trust’s stock valued at $106,005,000 after purchasing an additional 281,486 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Simon Property Group by 53.2% during the 2nd quarter. American Century Companies Inc. now owns 793,973 shares of the real estate investment trust’s stock valued at $135,126,000 after purchasing an additional 275,845 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Shares of SPG opened at $182.50 on Monday. Simon Property Group Inc has a one year low of $145.78 and a one year high of $186.03. The stock has a market capitalization of $59.24 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 2.54 and a beta of 0.52. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, July 30th. The real estate investment trust reported $1.77 EPS for the quarter, topping the consensus estimate of $1.64 by $0.13. Simon Property Group had a net margin of 40.11% and a return on equity of 55.59%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the company posted $1.23 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. analysts anticipate that Simon Property Group Inc will post 12.12 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Friday, August 17th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 4.38%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.94. The ex-dividend date of this dividend was Thursday, August 16th. Simon Property Group’s dividend payout ratio is 71.36%.

Several research analysts have commented on SPG shares. Bank of America raised their target price on shares of Simon Property Group from $193.00 to $203.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Royal Bank of Canada raised their target price on shares of Simon Property Group to $183.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 21st. Mizuho reiterated a “buy” rating and issued a $188.00 target price on shares of Simon Property Group in a report on Wednesday, August 1st. Citigroup raised their target price on shares of Simon Property Group from $187.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Finally, Wells Fargo & Co raised their target price on shares of Simon Property Group from $175.00 to $183.00 and gave the stock an “outperform” rating in a report on Tuesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $189.29.

In other news, insider John Rulli sold 1,330 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $177.05, for a total value of $235,476.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Steven K. Broadwater sold 859 shares of the stock in a transaction that occurred on Friday, June 29th. The stock was sold at an average price of $170.28, for a total transaction of $146,270.52. Following the completion of the sale, the chief accounting officer now directly owns 1,734 shares of the company’s stock, valued at $295,265.52. The disclosure for this sale can be found here. 8.64% of the stock is owned by corporate insiders.

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.

Further Reading: Book Value Per Share – BVPS

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

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