Ameriprise Financial Inc. Buys 67,137 Shares of Simon Property Group, Inc. $SPG

Key Points

• Ameriprise Financial Inc. has increased its holdings in Simon Property Group, now owning 1,311,637 shares valued at approximately $217.65 million, marking a 5.4% increase during the first quarter.
• Institutional ownership of Simon Property Group is 93.01%, with various large investors, including Farther Finance Advisors LLC and Golden State Wealth Management LLC, increasing their stakes in the company.
• Simon Property Group recently announced a quarterly dividend of $2.15 per share, which represents an increase from its previous dividend, alongside a 4.9% yield.

Ameriprise Financial Inc. raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 5.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,311,637 shares of the real estate investment trust's stock after purchasing an additional 67,137 shares during the period. Ameriprise Financial Inc. owned 0.40% of Simon Property Group worth $217,654,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SPG. Colonial Trust Co SC lifted its position in shares of Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after purchasing an additional 70 shares during the period. Aspiriant LLC raised its position in Simon Property Group by 1.3% during the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares during the period. DoubleLine ETF Adviser LP raised its position in Simon Property Group by 0.3% during the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust's stock valued at $3,783,000 after purchasing an additional 75 shares during the period. Finally, HighPoint Advisor Group LLC raised its position in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock valued at $544,000 after purchasing an additional 75 shares during the period. Institutional investors own 93.01% of the company's stock.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $83,149.38. Following the completion of the purchase, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary M. Rodkin acquired 246 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the purchase, the director owned 19,010 shares of the company's stock, valued at $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 2,428 shares of company stock valued at $387,271 over the last 90 days. 8.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SPG shares. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the company a "buy" rating in a research report on Tuesday, August 5th. Barclays started coverage on Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective on the stock. JPMorgan Chase & Co. upped 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. Piper Sandler decreased their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, LADENBURG THALM/SH SH started coverage on Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $184.00.

Simon Property Group Trading Up 0.4%

Shares of NYSE SPG traded up $0.68 during midday trading on Tuesday, hitting $177.09. The company's stock had a trading volume of 2,020,109 shares, compared to its average volume of 1,621,715. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The firm has a market cap 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 business's 50 day moving average is $165.18 and its two-hundred day moving average is $164.54. The company has a current ratio of 1.23, a quick 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 data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the prior year, the firm earned $2.90 earnings per share. Simon Property Group's 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. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $2.15 dividend. This represents a $8.60 annualized dividend and a yield of 4.9%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's payout ratio 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.