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

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

Several other hedge funds have also added to or reduced their stakes in the company. Hopwood Financial Services Inc. acquired a new position in shares of Simon Property Group in the 4th quarter valued at approximately $28,000. WR Wealth Planners LLC grew its position in shares of Simon Property Group by 328.2% in the 4th quarter. WR Wealth Planners LLC now owns 167 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 128 shares during the period. New England Capital Financial Advisors LLC bought a new stake in shares of Simon Property Group in the 4th quarter valued at about $30,000. Caisse Des Depots ET Consignations acquired a new stake in Simon Property Group in the 4th quarter valued at about $31,000. Finally, TCTC Holdings LLC bought a new stake in Simon Property Group in the fourth quarter valued at approximately $34,000. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Up 1.6 %

Simon Property Group stock opened at $168.44 on Thursday. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The firm’s fifty day moving average price is $175.76 and its two-hundred day moving average price is $174.42. The firm has a market capitalization of $54.96 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14.

Simon Property Group (NYSE:SPG) 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%. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s payout ratio is 115.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SPG. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $175.00 to $205.00 in a report on Wednesday, February 5th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price target for the company. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Finally, Scotiabank set a $186.00 price target on Simon Property Group in a research note on Friday, February 28th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $180.33.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz bought 465 shares of Simon Property Group stock in a transaction dated Monday, December 30th. The shares were purchased at an average cost of $168.59 per share, with a total value of $78,394.35. Following the completion of the purchase, the director now owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.50% of the stock is owned by company insiders.

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.