Simon Property Group Inc (SPG) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its position in shares of Simon Property Group Inc (NYSE:SPG) by 9.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,710 shares of the real estate investment trust’s stock after selling 1,289 shares during the period. Sumitomo Life Insurance Co.’s holdings in Simon Property Group were worth $2,134,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SPG. Advisors Asset Management Inc. grew its position in Simon Property Group by 58.7% in the 4th quarter. Advisors Asset Management Inc. now owns 18,243 shares of the real estate investment trust’s stock worth $3,065,000 after purchasing an additional 6,751 shares during the period. LPL Financial LLC lifted its holdings in shares of Simon Property Group by 4.0% during the 3rd quarter. LPL Financial LLC now owns 10,953 shares of the real estate investment trust’s stock valued at $1,936,000 after buying an additional 421 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Simon Property Group by 9.1% during the 4th quarter. Van ECK Associates Corp now owns 107,648 shares of the real estate investment trust’s stock valued at $18,084,000 after buying an additional 8,985 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Simon Property Group by 21.4% during the fourth quarter. Whittier Trust Co. now owns 1,915 shares of the real estate investment trust’s stock valued at $321,000 after acquiring an additional 338 shares during the period. Finally, BB&T Securities LLC lifted its stake in shares of Simon Property Group by 1.2% during the fourth quarter. BB&T Securities LLC now owns 109,503 shares of the real estate investment trust’s stock valued at $18,395,000 after acquiring an additional 1,332 shares during the period. 96.72% of the stock is owned by institutional investors.

Shares of SPG opened at $176.10 on Wednesday. The company has a market cap of $54.71 billion, a P/E ratio of 14.52, a PEG ratio of 3.18 and a beta of 0.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 6.21. Simon Property Group Inc has a twelve month low of $145.78 and a twelve month high of $191.49.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Friday, February 1st. The real estate investment trust reported $3.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.24 by ($0.01). The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.45 billion. Simon Property Group had a net margin of 43.11% and a return on equity of 63.21%. Simon Property Group’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the business earned $1.84 EPS. On average, sell-side analysts anticipate that Simon Property Group Inc will post 12.35 EPS for the current fiscal year.

Simon Property Group announced that its board has approved a share repurchase program on Tuesday, February 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Several equities analysts have recently issued reports on the company. Wells Fargo & Co lowered Simon Property Group from an “overweight” rating to a “market weight” rating in a research note on Friday, February 8th. Barclays restated a “buy” rating and issued a $202.00 target price on shares of Simon Property Group in a research note on Tuesday. Mizuho downgraded Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price objective on the stock. in a research note on Friday, February 15th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $191.00 price objective on shares of Simon Property Group in a research note on Friday, February 1st. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Simon Property Group currently has an average rating of “Buy” and a consensus price target of $195.33.

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Simon Property Group Profile

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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Institutional Ownership by Quarter for Simon Property Group (NYSE:SPG)

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