American Assets Investment Management LLC Acquires New Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• American Assets Investment Management LLC acquired 62,330 shares of Simon Property Group, valued at approximately $10.35 million, in the 1st quarter.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, yielding 5.3%, up from the previous dividend of $2.10.
• Recent analyst ratings show a consensus of "Hold" with various price targets, including a high of $225.00 and a low of $169.00.

American Assets Investment Management LLC purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 62,330 shares of the real estate investment trust's stock, valued at approximately $10,352,000.

Several other institutional investors have also bought and sold shares of SPG. Park Square Financial Group LLC boosted its position in Simon Property Group by 108.0% during the first 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 last quarter. Richardson Financial Services Inc. boosted its position in 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 purchasing an additional 111 shares during the last quarter. Continuum Advisory LLC boosted its position in 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 purchasing an additional 156 shares during the last quarter. Colonial Trust Co SC boosted its position in 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 purchasing an additional 57 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its position in 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 purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Down 0.8%

NYSE SPG traded down $1.29 on Thursday, hitting $166.24. The stock had a trading volume of 1,399,453 shares, compared to its average volume of 1,451,191. The business's fifty day moving average price is $162.40 and its 200 day moving average price is $164.99. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.45. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The stock has a market cap of $54.26 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 11.21 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.90 earnings per share. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 5.2%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is currently 129.83%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price target for the company. Stifel Nicolaus dropped their price target on Simon Property Group from $180.00 to $179.00 and set a "buy" rating for the company in a report on Tuesday. Piper Sandler dropped their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Barclays assumed coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $182.64.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Larry C. Glasscock acquired 396 shares of the firm's stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the purchase, the director directly owned 43,185 shares of the company's stock, valued at $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 2,386 shares of company stock worth $380,066. 8.66% of the stock is owned by company insiders.

Simon Property Group 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.