Ameriprise Financial Inc. Purchases 26,464 Shares of Simon Property Group, Inc. (NYSE:SPG)

Ameriprise Financial Inc. boosted its position in Simon Property Group, Inc. (NYSE:SPG) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,058,405 shares of the real estate investment trust’s stock after acquiring an additional 26,464 shares during the period. Ameriprise Financial Inc. owned 0.63% of Simon Property Group worth $227,851,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPG. Geode Capital Management LLC lifted its position in shares of Simon Property Group by 10.4% in the 1st quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares during the period. Cowa LLC purchased a new stake in shares of Simon Property Group in the 1st quarter worth about $107,000. Norges Bank purchased a new stake in shares of Simon Property Group in the 4th quarter worth about $807,887,000. Morgan Stanley lifted its position in shares of Simon Property Group by 6.9% in the 4th quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock worth $763,656,000 after purchasing an additional 421,554 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Simon Property Group by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,605,067 shares of the real estate investment trust’s stock worth $515,606,000 after purchasing an additional 126,585 shares during the period. Institutional investors own 84.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wolfe Research raised shares of Simon Property Group from a “peer perform” rating to an “outperform” rating and set a $127.00 price target for the company in a research report on Wednesday, July 5th. Stifel Nicolaus lifted their price target on shares of Simon Property Group from $130.00 to $139.00 in a research report on Wednesday, July 12th. JPMorgan Chase & Co. lowered their price target on shares of Simon Property Group from $125.00 to $124.00 and set a “neutral” rating for the company in a research report on Tuesday, August 29th. Truist Financial lowered their price target on shares of Simon Property Group from $130.00 to $125.00 and set a “hold” rating for the company in a research report on Tuesday, August 29th. Finally, StockNews.com assumed coverage on shares of Simon Property Group in a research report on Thursday, August 17th. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.36.

Simon Property Group Stock Down 0.8 %

NYSE:SPG opened at $116.41 on Friday. The firm has a 50-day simple moving average of $118.22 and a two-hundred day simple moving average of $113.03. Simon Property Group, Inc. has a fifty-two week low of $86.02 and a fifty-two week high of $133.08. The firm has a market cap of $38.09 billion, a P/E ratio of 17.69, a P/E/G ratio of 4.72 and a beta of 1.54. The company has a debt-to-equity ratio of 7.67, a quick ratio of 1.02 and a current ratio of 1.02.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be paid a $1.90 dividend. The ex-dividend date is Thursday, September 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.85. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.53%. Simon Property Group’s payout ratio is currently 115.50%.

About Simon Property Group

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.