CIBC Asset Management Inc Purchases 2,092 Shares of Simon Property Group, Inc. (NYSE:SPG)

CIBC Asset Management Inc boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 4.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,400 shares of the real estate investment trust’s stock after acquiring an additional 2,092 shares during the period. CIBC Asset Management Inc’s holdings in Simon Property Group were worth $8,163,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SPG. Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group in the third quarter worth about $30,000. Wingate Wealth Advisors Inc. bought a new position in Simon Property Group during the 4th quarter valued at approximately $41,000. Synergy Asset Management LLC purchased a new stake in Simon Property Group in the 4th quarter worth approximately $41,000. Eastern Bank bought a new stake in shares of Simon Property Group in the 3rd quarter worth approximately $42,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Simon Property Group during the fourth quarter valued at approximately $45,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Shares of SPG opened at $185.88 on Thursday. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The stock has a market cap of $60.65 billion, a P/E ratio of 25.60, a P/E/G ratio of 10.00 and a beta of 1.74. The business’s 50 day moving average price is $176.10 and its 200-day moving average price is $172.25. Simon Property Group, Inc. has a 52 week low of $139.25 and a 52 week high of $188.13.

Simon Property Group (NYSE:SPG) last released its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 EPS for the quarter, topping 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%. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

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 given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend is Monday, March 10th. Simon Property Group’s dividend payout ratio (DPR) is 115.70%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 465 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the acquisition, the director now directly owns 55,919 shares in the company, valued at $9,427,384.21. This represents a 0.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of research analyst reports. Mizuho raised their price target 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. Piper Sandler raised shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began 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, 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 report on Thursday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $175.10.

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.