Norges Bank Purchases New Shares in Simon Property Group, Inc. (NYSE:SPG)

Norges Bank bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,959,267 shares of the real estate investment trust's stock, valued at approximately $2,059,505,000. Norges Bank owned approximately 3.67% of Simon Property Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Simon Property Group by 617.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,191,296 shares of the real estate investment trust's stock worth $539,393,000 after buying an additional 2,746,503 shares during the last quarter. Hamlin Capital Management LLC acquired a new position in Simon Property Group during the 4th quarter worth $109,403,000. KBC Group NV boosted its holdings in Simon Property Group by 170.3% during the fourth quarter. KBC Group NV now owns 880,309 shares of the real estate investment trust's stock valued at $151,597,000 after acquiring an additional 554,605 shares during the period. Proficio Capital Partners LLC grew its position in shares of Simon Property Group by 22,608.6% in the fourth quarter. Proficio Capital Partners LLC now owns 542,281 shares of the real estate investment trust's stock valued at $93,386,000 after purchasing an additional 539,893 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Simon Property Group by 295.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 655,300 shares of the real estate investment trust's stock worth $110,759,000 after purchasing an additional 489,519 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

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Analyst Upgrades and Downgrades

A number of analysts have issued reports on SPG shares. StockNews.com lowered Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday. Jefferies Financial Group upgraded shares of Simon Property Group from a "hold" rating to a "buy" rating and raised their price objective for the stock from $179.00 to $198.00 in a research note on Thursday, January 2nd. Piper Sandler raised shares of Simon Property Group from a "neutral" rating to an "overweight" rating and increased their price target for the company from $175.00 to $205.00 in a report on Wednesday, February 5th. Mizuho raised their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday, December 4th. Finally, Scotiabank set a $186.00 target price on shares of Simon Property Group in a research note on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Simon Property Group has a consensus rating of "Hold" and an average target price of $180.33.

Simon Property Group Price Performance

SPG traded up $0.25 during midday trading on Monday, reaching $164.53. 549,773 shares of the company's stock were exchanged, compared to its average volume of 1,435,441. Simon Property Group, Inc. has a one year low of $139.25 and a one year high of $190.14. The firm has a market capitalization of $53.68 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. The business has a 50-day simple moving average of $175.42 and a two-hundred day simple moving average of $174.53. 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 announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. As a group, research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 5.11%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group's dividend payout ratio is currently 115.70%.

Simon Property Group 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.