CIBC Asset Management Inc Acquires 2,092 Shares of Simon Property Group, Inc. (NYSE:SPG)

CIBC Asset Management Inc increased its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 4.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,400 shares of the real estate investment trust's stock after purchasing an additional 2,092 shares during the quarter. CIBC Asset Management Inc's holdings in Simon Property Group were worth $8,163,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Catalyst Capital Advisors LLC acquired a new stake in shares of Simon Property Group during the fourth quarter worth $63,000. Principal Financial Group Inc. raised its holdings in Simon Property Group by 7.7% during the 4th quarter. Principal Financial Group Inc. now owns 1,376,194 shares of the real estate investment trust's stock worth $236,995,000 after buying an additional 98,366 shares during the period. Sierra Ocean LLC purchased a new stake in Simon Property Group during the fourth quarter valued at about $54,000. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Simon Property Group by 20.1% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,619 shares of the real estate investment trust's stock worth $451,000 after buying an additional 438 shares during the period. Finally, Secured Retirement Advisors LLC purchased a new position in shares of Simon Property Group in the fourth quarter worth approximately $1,229,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Stock Down 1.5 %

Shares of SPG traded down $2.85 during midday trading on Friday, reaching $183.86. 1,367,631 shares of the stock were exchanged, compared to its average volume of 1,168,894. The company has a market cap of $59.99 billion, a price-to-earnings ratio of 25.32, a P/E/G ratio of 10.10 and a beta of 1.74. The firm has a 50 day simple moving average of $176.37 and a 200-day simple moving average of $172.60. Simon Property Group, Inc. has a 12-month low of $139.25 and a 12-month high of $188.13. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.57%. Simon Property Group's dividend payout ratio (DPR) is currently 115.70%.

Analyst Ratings Changes

A number of research firms recently commented on SPG. Piper Sandler raised shares of Simon Property Group from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a research report on Tuesday, December 17th. They issued a "hold" rating and a $195.00 target price for the company. Jefferies Financial Group raised Simon Property Group from a "hold" rating to a "buy" rating and upped their price target for the company from $179.00 to $198.00 in a research report on Thursday, January 2nd. Finally, Mizuho increased their price objective on Simon Property Group from $158.00 to $182.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $175.10.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 465 shares of the stock in a transaction on Monday, December 30th. The shares were bought at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the acquisition, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.50% of the company's stock.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.