Corebridge Financial Inc. Boosts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Corebridge Financial Inc. grew its position in Simon Property Group, Inc. (NYSE:SPG) by 1.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 78,794 shares of the real estate investment trust’s stock after buying an additional 863 shares during the quarter. Corebridge Financial Inc.’s holdings in Simon Property Group were worth $13,569,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Simon Property Group by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,637,529 shares of the real estate investment trust’s stock valued at $626,419,000 after purchasing an additional 64,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position 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 valued at $539,393,000 after buying an additional 2,746,503 shares during the last quarter. Boston Partners lifted its stake in shares of Simon Property Group by 7.0% in the fourth quarter. Boston Partners now owns 2,504,500 shares of the real estate investment trust’s stock worth $431,304,000 after buying an additional 162,764 shares in the last quarter. Amundi boosted its position in Simon Property Group by 10.5% during the fourth quarter. Amundi now owns 1,728,738 shares of the real estate investment trust’s stock worth $301,088,000 after acquiring an additional 163,764 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake 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 valued at $236,995,000 after acquiring an additional 98,366 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPG has been the topic of a number of research reports. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. Jefferies Financial Group raised 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 note on Thursday, January 2nd. Mizuho raised their target price 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price target on the stock. Finally, Scotiabank set a $186.00 price objective on shares of Simon Property Group in a research report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and an average target price of $180.33.

Simon Property Group Trading Down 0.1 %

Shares of SPG stock opened at $165.91 on Wednesday. Simon Property Group, Inc. has a 1-year low of $139.25 and a 1-year high of $190.14. The firm has a market cap of $54.13 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 10.10 and a beta of 1.78. The company has a 50-day moving average of $175.83 and a two-hundred day moving average of $174.46. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, topping 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%. On average, analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $2.10 dividend. The ex-dividend date is Monday, March 10th. This represents a $8.40 annualized dividend and a dividend yield of 5.06%. Simon Property Group’s dividend payout ratio is presently 115.70%.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz bought 465 shares of the business’s stock in a transaction that occurred on 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 purchase, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.50% of the stock is owned by corporate insiders.

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.