62,330 Shares in Simon Property Group, Inc. (NYSE:SPG) Acquired by American Assets Investment Management LLC

Key Points

• American Assets Investment Management LLC has acquired a new position in Simon Property Group, purchasing 62,330 shares valued at approximately $10.35 million, making it the firm's 9th largest holding.
• Simon Property Group recently recorded $2.95 EPS for the latest quarter, beating analysts' forecasts, and reported a net revenue of $1.47 billion, marking a 2.1% year-over-year increase.
• The company declared a quarterly dividend of $2.10, reflecting an annualized dividend of $8.40 and a yield of 5.07%, despite a high dividend payout ratio of 133.76%.

American Assets Investment Management LLC acquired a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 62,330 shares of the real estate investment trust's stock, valued at approximately $10,352,000. Simon Property Group accounts for approximately 4.3% of American Assets Investment Management LLC's portfolio, making the stock its 9th biggest position.

A number of other hedge funds also recently modified their holdings of the company. Park Square Financial Group LLC increased its holdings 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 in the last quarter. Richardson Financial Services Inc. increased its holdings in Simon Property Group by 185.0% during the 1st 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 in the last quarter. Continuum Advisory LLC increased its holdings in Simon Property Group by 421.6% during the 1st 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 in the last quarter. Colonial Trust Co SC increased its holdings in Simon Property Group by 37.5% during the 4th 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 in the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Simon Property Group by 77.2% during the 1st 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 in the last quarter. Institutional investors own 93.01% of the company's stock.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Larry C. Glasscock acquired 396 shares of the company's stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the purchase, the director directly owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the purchase, the director directly 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 2,386 shares of company stock valued at $380,066. Company insiders own 8.66% of the company's stock.

Simon Property Group Stock Down 1.9%

Shares of SPG stock traded down $3.12 on Friday, hitting $160.67. 2,149,815 shares of the stock were exchanged, compared to its average volume of 1,251,584. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. The firm has a market capitalization of $52.45 billion, a P/E ratio of 25.58, a price-to-earnings-growth ratio of 11.06 and a beta of 1.49. The business has a 50-day moving average of $161.89 and a 200 day moving average of $165.17. 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 earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.04. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company posted $3.56 earnings per share. Simon Property Group's revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $2.10 dividend. The ex-dividend date was Monday, June 9th. This represents a $8.40 annualized dividend and a yield of 5.2%. Simon Property Group's dividend payout ratio is currently 133.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Mizuho dropped their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Scotiabank boosted their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Piper Sandler dropped their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 target price for the company. Finally, Stifel Nicolaus boosted their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Seven investment 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.com, Simon Property Group currently has an average rating of "Hold" and an average price target of $182.73.

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.