Resona Asset Management Co. Ltd. Takes Position in Simon Property Group, Inc. (NYSE:SPG)

Resona Asset Management Co. Ltd. bought a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 176,052 shares of the real estate investment trust's stock, valued at approximately $30,293,000. Resona Asset Management Co. Ltd. owned 0.05% of Simon Property Group at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Simon Property Group in the 4th quarter valued at about $2,059,505,000. Hamlin Capital Management LLC purchased a new position in Simon Property Group in the fourth quarter valued at about $109,403,000. KBC Group NV grew its stake in Simon Property Group by 170.3% during the 4th quarter. KBC Group NV now owns 880,309 shares of the real estate investment trust's stock valued at $151,597,000 after purchasing an additional 554,605 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in Simon Property Group by 22,608.6% during the 4th quarter. Proficio Capital Partners LLC now owns 542,281 shares of the real estate investment trust's stock worth $93,386,000 after purchasing an additional 539,893 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its position in shares of Simon Property Group by 17,222.1% in the 4th quarter. Strategic Financial Concepts LLC now owns 476,530 shares of the real estate investment trust's stock valued at $82,063,000 after purchasing an additional 473,779 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. 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 report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on Simon Property Group in a report on Tuesday, December 17th. They issued a "hold" rating and a $195.00 price objective for the company. Scotiabank set a $186.00 target price on Simon Property Group in a report on Friday, February 28th. Jefferies Financial Group upgraded Simon Property Group from a "hold" rating to a "buy" rating and boosted their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, StockNews.com downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.39.

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Simon Property Group Stock Performance

SPG stock traded down $7.56 on Thursday, reaching $145.62. The company's stock had a trading volume of 812,534 shares, compared to its average volume of 1,492,222. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.14. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. The company has a market capitalization of $47.51 billion, a P/E ratio of 19.93, a price-to-earnings-growth ratio of 10.10 and a beta of 1.45. The firm has a fifty day moving average of $171.10 and a two-hundred day moving average of $173.55.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, beating analysts' consensus estimates 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, analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were issued a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 5.77%. Simon Property Group's payout ratio is 115.70%.

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.