Ken Heebner’s Capital Growth Management’s Portfolio: 5 Dividend Stock Picks

2. Simon Property Group, Inc. (NYSE:SPG)

Number of Hedge Fund Holders: 35
Capital Growth Management’s Stake Value: $26,312,000
Dividend Yield as of May 24: 6.44%

Simon Property Group, Inc. (NYSE:SPG) is an American real estate investment trust that invests in shopping malls and community centers. As per Insider Monkey’s Q1 2022 database, 35 hedge funds held a $688 million worth of stake in the company. In comparison, 39 hedge funds held positions in the company in the previous quarter, with stakes valued at roughly $620 million.

In May, Simon Property Group, Inc. (NYSE:SPG) announced a 3% hike in its quarterly dividend at $1.70 per share. In 2021, the company raised its dividend for three consecutive quarters. The stock’s dividend yield was recorded at 6.44%, as of the market close of May 24. Highlighting the company’s share repurchase program, in May, Stifel set a $165 price target on Simon Property Group, Inc. (NYSE:SPG), while maintaining a Buy rating on the shares.

At the end of Q1 2022, Capital Growth held 200,000 shares in Simon Property Group, Inc. (NYSE:SPG), valued at over $26.3 million. The company represented 2.42% of Ken Heebner’s portfolio.

Baron Funds mentioned Simon Property Group, Inc. (NYSE:SPG) in its Q1 2022 investor letter. Here is what the firm has to say:

“Following a share price gain of more than 97% in 2021, we recently trimmed the Fund’s holdings in Simon Property Group, Inc. (NYSE:SPG), the largest and premier mall operator in the U.S. Though we are also tempered by the expectation for modest earnings growth in 2022, we remain optimistic about the company’s long-term prospects. Simon owns A-quality malls in A-quality geographic locations. We expect Simon to benefit from the ongoing economic recovery and believe management is well positioned to acquire real estate assets given its strong balance sheet and low cost of capital.”