Zurich Insurance Group Ltd FI Trims Holdings in Simon Property Group Inc (NYSE:SPG)

Zurich Insurance Group Ltd FI decreased its holdings in shares of Simon Property Group Inc (NYSE:SPG) by 19.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 68,424 shares of the real estate investment trust’s stock after selling 16,963 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Simon Property Group were worth $10,931,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Ashburton Jersey Ltd acquired a new stake in Simon Property Group during the second quarter worth $25,000. Marino Stram & Associates LLC acquired a new stake in Simon Property Group during the first quarter worth $32,000. Weaver Consulting Group acquired a new stake in Simon Property Group during the second quarter worth $32,000. Creative Financial Designs Inc. ADV increased its stake in Simon Property Group by 59.9% during the second quarter. Creative Financial Designs Inc. ADV now owns 259 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 97 shares during the last quarter. Finally, Icon Wealth Partners LLC acquired a new stake in Simon Property Group during the first quarter worth $51,000. 95.58% of the stock is owned by institutional investors.

Several equities research analysts have issued reports on SPG shares. SunTrust Banks cut their target price on Simon Property Group from $185.00 to $160.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Citigroup cut their target price on Simon Property Group from $192.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Deutsche Bank cut their target price on Simon Property Group from $191.00 to $188.00 and set a “hold” rating for the company in a research note on Tuesday, June 11th. ValuEngine cut Simon Property Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley lowered their price target on Simon Property Group from $170.00 to $157.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $186.58.

Shares of SPG traded up $0.42 during midday trading on Friday, hitting $155.04. 1,877,902 shares of the stock were exchanged, compared to its average volume of 1,456,268. Simon Property Group Inc has a 52-week low of $145.42 and a 52-week high of $191.49. The stock has a fifty day simple moving average of $152.07 and a 200 day simple moving average of $166.18. The firm has a market cap of $48.00 billion, a P/E ratio of 12.78, a P/E/G ratio of 2.86 and a beta of 0.54. The company has a debt-to-equity ratio of 7.02, a quick ratio of 0.99 and a current ratio of 0.99.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $2.99 EPS for the quarter, topping the consensus estimate of $2.98 by $0.01. Simon Property Group had a return on equity of 63.49% and a net margin of 40.48%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the business posted $2.98 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Simon Property Group Inc will post 12.28 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $2.10 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 annualized dividend and a dividend yield of 5.42%. The ex-dividend date was Thursday, August 15th. Simon Property Group’s dividend payout ratio (DPR) is currently 69.25%.

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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