Mirae Asset Global Investments Co. Ltd. boosted its holdings in Simon Property Group, Inc. (NYSE:SPG – Get Rating) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,342 shares of the real estate investment trust's stock after purchasing an additional 3,953 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Simon Property Group were worth $7,019,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Simon Property Group by 3.9% in the first quarter. Vanguard Group Inc. now owns 49,391,784 shares of the real estate investment trust's stock valued at $6,497,983,000 after acquiring an additional 1,845,801 shares during the period. BlackRock Inc. increased its position in shares of Simon Property Group by 3.5% in the fourth quarter. BlackRock Inc. now owns 35,039,594 shares of the real estate investment trust's stock valued at $5,598,275,000 after acquiring an additional 1,181,872 shares during the period. State Street Corp increased its position in shares of Simon Property Group by 10.1% in the first quarter. State Street Corp now owns 23,491,606 shares of the real estate investment trust's stock valued at $3,090,556,000 after acquiring an additional 2,158,735 shares during the period. Cohen & Steers Inc. increased its position in shares of Simon Property Group by 0.5% in the first quarter. Cohen & Steers Inc. now owns 22,256,444 shares of the real estate investment trust's stock valued at $2,928,757,000 after acquiring an additional 115,937 shares during the period. Finally, Cowa LLC purchased a new position in shares of Simon Property Group in the first quarter valued at about $107,000. 81.86% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

SPG has been the topic of a number of analyst reports. Piper Sandler decreased their price objective on shares of Simon Property Group to $130.00 in a research report on Monday, July 4th. Jefferies Financial Group cut shares of Simon Property Group from a "buy" rating to a "hold" rating and reduced their price target for the company from $160.00 to $100.00 in a research report on Thursday, June 30th. Morgan Stanley reduced their price target on shares of Simon Property Group from $133.00 to $131.00 and set an "overweight" rating on the stock in a research report on Monday, August 29th. Truist Financial reduced their price target on shares of Simon Property Group from $130.00 to $125.00 and set a "hold" rating on the stock in a research report on Monday, August 15th. Finally, Mizuho reduced their price target on shares of Simon Property Group from $158.00 to $115.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 3rd. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.29.

Simon Property Group Trading Down 2.7 %

Shares of NYSE SPG opened at $95.65 on Thursday. The firm's 50 day moving average price is $104.82 and its 200-day moving average price is $112.36. The company has a market cap of $32.80 billion, a PE ratio of 14.92, a P/E/G ratio of 1.90 and a beta of 1.49. Simon Property Group, Inc. has a 52-week low of $93.06 and a 52-week high of $171.12. The company has a debt-to-equity ratio of 7.13, a quick ratio of 1.02 and a current ratio of 1.02.

Simon Property Group (NYSE:SPG – Get Rating) last issued its earnings results on Monday, August 1st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Simon Property Group had a net margin of 40.59% and a return on equity of 56.93%. The business's revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.92 earnings per share. On average, equities research analysts expect that Simon Property Group, Inc. will post 11.66 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be given a dividend of $1.75 per share. This is an increase from Simon Property Group's previous quarterly dividend of $1.70. The ex-dividend date is Thursday, September 8th. This represents a $7.00 dividend on an annualized basis and a yield of 7.32%. Simon Property Group's dividend payout ratio is 109.20%.

About Simon Property Group

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Simon is a real estate investment trust engaged 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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