Apollon Wealth Management LLC Cuts Stock Position in Simon Property Group, Inc. $SPG

Key Points

• Apollon Wealth Management LLC has reduced its stake in Simon Property Group by 30.2%, selling 2,623 shares and now holding 6,069 shares valued at approximately $976,000.
• Insider purchases include Director Stefan M. Selig and Director Glyn Aeppel, who acquired shares at an average price of $185.95, increasing their ownership stakes.
• Simon Property Group recently declared a quarterly dividend of $2.15, reflecting an annualized yield of 4.9%, marking an increase from the previous quarter's dividend.

Apollon Wealth Management LLC cut its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 30.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,069 shares of the real estate investment trust's stock after selling 2,623 shares during the quarter. Apollon Wealth Management LLC's holdings in Simon Property Group were worth $976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Great Lakes Advisors LLC grew its holdings in shares of Simon Property Group by 3.7% in the first quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock valued at $317,000 after purchasing an additional 68 shares in the last quarter. Wedmont Private Capital boosted its stake in Simon Property Group by 1.0% during the second quarter. Wedmont Private Capital now owns 7,040 shares of the real estate investment trust's stock worth $1,147,000 after buying an additional 68 shares during the period. PFS Partners LLC boosted its stake in Simon Property Group by 13.6% during the second quarter. PFS Partners LLC now owns 568 shares of the real estate investment trust's stock worth $91,000 after buying an additional 68 shares during the period. Sumitomo Life Insurance Co. boosted its stake 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 worth $743,000 after buying an additional 70 shares during the period. Finally, Aspiriant LLC boosted its stake 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 worth $972,000 after buying an additional 74 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Stefan M. Selig purchased 195 shares of the stock in a transaction dated Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, for a total transaction of $36,260.25. Following the acquisition, the director owned 32,076 shares of the company's stock, valued at approximately $5,964,532.20. This represents a 0.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glyn Aeppel purchased 208 shares of the stock in a transaction dated Tuesday, September 30th. The stock was purchased at an average price of $185.95 per share, for a total transaction of $38,677.60. Following the completion of the acquisition, the director directly owned 19,265 shares in the company, valued at approximately $3,582,326.75. This represents a 1.09% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,163 shares of company stock worth $401,605. Insiders own 8.60% of the company's stock.

Analyst Upgrades and Downgrades

SPG has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Simon Property Group in a research note on Tuesday. Barclays lifted their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Monday, October 6th. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Evercore ISI reissued an "in-line" rating and set a $187.00 target price (up from $183.00) on shares of Simon Property Group in a research note on Monday, September 15th. Finally, Truist Financial boosted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research note on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and an average price target of $187.23.

Simon Property Group Stock Down 0.4%

NYSE:SPG opened at $175.77 on Wednesday. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The company has a 50-day moving average of $178.51 and a 200 day moving average of $166.10. The firm has a market cap of $57.39 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 10.69 and a beta of 1.50. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

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, topping analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm earned $2.90 earnings per share. The firm's revenue for the quarter 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, research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were issued a $2.15 dividend. The ex-dividend date was Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.9%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is 132.92%.

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.

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