Trade Report: The Riggs Asset Managment Co. Inc. decides to keep it stake in Simon Property Group Inc. (SPG) to the level of $173,000

The Riggs Asset Managment Co. Inc. decides to keep it stake in Simon Property Group Inc. (SPG) to the level of $173,000

Riggs Asset Managment Co. Inc. maintained its position in Simon Property Group Inc. (NYSE:SPG) during the second quarter, Holdings Channel reports. The institutional investor owned 799 shares of the real estate investment trust’s stock at the end of the second quarter. Riggs Asset Managment Co. Inc.’s holdings in Simon Property Group were worth $173,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SPG. Private Trust Co. NA increased its position in Simon Property Group by 0.5% in the second quarter. Private Trust Co. NA now owns 1,632 shares of the real estate investment trust’s stock worth $353,000 after buying an additional 8 shares during the last quarter. Park National Corp OH boosted its stake in shares of Simon Property Group by 0.4% in the second quarter. Park National Corp OH now owns 3,945 shares of the real estate investment trust’s stock worth $856,000 after buying an additional 16 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in shares of Simon Property Group by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,459 shares of the real estate investment trust’s stock worth $303,000 after buying an additional 56 shares during the period. Scotia Capital Inc. boosted its stake in shares of Simon Property Group by 2.7% in the first quarter. Scotia Capital Inc. now owns 3,420 shares of the real estate investment trust’s stock worth $711,000 after buying an additional 90 shares during the period. Finally, Capital Analysts LLC boosted its stake in shares of Simon Property Group by 1.8% in the second quarter. Capital Analysts LLC now owns 5,439 shares of the real estate investment trust’s stock worth $1,180,000 after buying an additional 96 shares during the period. 98.56% of the stock is owned by institutional investors.

Shares of Simon Property Group Inc. (NYSE:SPG) traded down 0.91% on Friday, reaching $196.99. 1,056,359 shares of the company’s stock were exchanged. Simon Property Group Inc. has a 52-week low of $176.11 and a 52-week high of $229.10. The stock has a market cap of $61.90 billion, a P/E ratio of 34.99 and a beta of 0.75. The company’s 50 day moving average price is $208.81 and its 200-day moving average price is $209.52.

Simon Property Group (NYSE:SPG) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $2.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.62 by $0.01. The firm earned $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Simon Property Group had a return on equity of 34.61% and a net margin of 34.03%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.41 earnings per share. Equities analysts forecast that Simon Property Group Inc. will post $10.86 EPS for the current fiscal year.

SPG has been the subject of a number of recent analyst reports. Canaccord Genuity reiterated a “buy” rating on shares of Simon Property Group in a research report on Friday, September 16th. BTIG Research initiated coverage on shares of Simon Property Group in a research report on Thursday, August 25th. They set a “buy” rating and a $266.00 target price for the company. Deutsche Bank AG increased their target price on shares of Simon Property Group from $232.00 to $233.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. Argus set a $245.00 target price on shares of Simon Property Group and gave the stock a “buy” rating in a research report on Thursday, August 11th. Finally, Stifel Nicolaus increased their target price on shares of Simon Property Group from $232.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, August 1st. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Simon Property Group has an average rating of “Buy” and a consensus target price of $236.00.

In other Simon Property Group news, CFO Andrew Juster sold 7,000 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $215.68, for a total transaction of $1,509,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Steven K. Broadwater sold 945 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $215.41, for a total value of $203,562.45. Following the transaction, the senior vice president now directly owns 2,965 shares of the company’s stock, valued at approximately $638,690.65. The disclosure for this sale can be found here. Company insiders own 8.50% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.

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