Clark Capital Management Group Inc. Takes Position in Simon Property Group, Inc. $SPG

Key Points

• Clark Capital Management Group Inc. purchased 237,054 shares of Simon Property Group, Inc. (~$39.37 million value), holding about 0.07% of the company as of the latest quarter.
• Simon Property Group recently increased its quarterly dividend to $2.15 per share, indicating a strong 4.7% yield, contrary to its previous dividend of $2.10.
• Analysts currently have a consensus rating of "Hold" on Simon Property Group, with the average price target set at $184.91.

Clark Capital Management Group Inc. bought a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 237,054 shares of the real estate investment trust's stock, valued at approximately $39,370,000. Clark Capital Management Group Inc. owned 0.07% of Simon Property Group at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SPG. Park Square Financial Group LLC raised its stake in Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 81 shares during the period. Richardson Financial Services Inc. grew its holdings in shares of Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 111 shares in the last quarter. Continuum Advisory LLC grew its holdings in shares of Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares in the last quarter. Colonial Trust Co SC grew its holdings in shares of Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its holdings in shares of Simon Property Group by 77.2% during the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Up 0.2%

Shares of NYSE:SPG traded up $0.37 on Monday, reaching $182.62. The company had a trading volume of 2,338,895 shares, compared to its average volume of 1,524,552. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The stock has a 50-day moving average price of $169.04 and a 200 day moving average price of $164.23. The stock has a market capitalization of $59.62 billion, a P/E ratio of 28.23, a P/E/G ratio of 11.04 and a beta of 1.50. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $2.90 earnings per share. The business's quarterly revenue was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a $2.15 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's payout ratio is presently 129.83%.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of research analyst reports. Stifel Nicolaus downgraded Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target on the stock. in a report on Tuesday, September 2nd. Scotiabank lifted their price target on Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a report on Thursday, August 28th. Truist Financial lifted their price target on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Piper Sandler lowered their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $184.92.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Glyn Aeppel acquired 234 shares of the company's stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the purchase, the director directly owned 19,057 shares of the company's stock, valued at $3,035,589.53. This trade represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 2,428 shares of company stock valued at $387,271. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.