Allstate Corp Purchases 4,430 Shares of Simon Property Group, Inc. $SPG

Key Points

• Allstate Corp increased its holdings in Simon Property Group by 14.4%, adding 4,430 shares to raise its total ownership to 35,172 shares worth $5,841,000.
• Multiple institutional investors have significantly boosted their stakes in Simon Property Group, with 93.01% of the stock currently held by institutional investors.
• Simon Property Group announced a quarterly dividend increase from $2.10 to $2.15 per share, representing a yield of 5.0% and reflecting the company's ongoing profitability.

Allstate Corp boosted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,172 shares of the real estate investment trust's stock after purchasing an additional 4,430 shares during the period. Allstate Corp's holdings in Simon Property Group were worth $5,841,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPG. Nuveen LLC acquired a new stake in Simon Property Group during the first quarter valued at approximately $724,937,000. Principal Financial Group Inc. lifted its stake in Simon Property Group by 133.0% during the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock valued at $532,529,000 after purchasing an additional 1,830,264 shares during the last quarter. Northern Trust Corp lifted its stake in Simon Property Group by 45.9% during the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after purchasing an additional 1,718,398 shares during the last quarter. Resolution Capital Ltd acquired a new stake in Simon Property Group during the fourth quarter valued at approximately $212,592,000. Finally, Massachusetts Financial Services Co. MA acquired a new stake in Simon Property Group during the first quarter valued at approximately $197,377,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Gary M. Rodkin purchased 246 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the purchase, the director directly owned 19,010 shares in the company, valued at $3,028,102.90. This trade represents a 1.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel C. Smith purchased 378 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the purchase, the director owned 31,998 shares in the company, valued at $5,096,961.42. The trade was a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,428 shares of company stock worth $387,271 over the last quarter. 8.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Mizuho cut their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price target on the stock. Scotiabank boosted their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Stifel Nicolaus set a $179.00 price target on shares of Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, Truist Financial boosted their price target on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $184.00.

Simon Property Group Stock Up 0.4%

Simon Property Group stock traded up $0.68 during trading hours on Tuesday, hitting $177.09. The company had a trading volume of 2,020,109 shares, compared to its average volume of 1,621,712. The firm has a market capitalization of $57.82 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 10.67 and a beta of 1.48. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The firm's fifty day moving average is $165.18 and its 200-day moving average is $164.54. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 4.9%. Simon Property Group's dividend payout ratio (DPR) is currently 129.83%.

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.