Atria Wealth Solutions Inc. Trims Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Simon Property Group by 14.4%, owning 14,999 shares worth approximately $2.49 million as of the latest SEC filing.
• Several institutional investors increased their positions in Simon Property Group, with Continuum Advisory LLC leading at a 421.6% increase during the first quarter.
• Simon Property Group announced a quarterly dividend of $2.15, reflecting a boost from the previous $2.10 dividend, resulting in an annualized yield of 5.2%.

Atria Wealth Solutions Inc. decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,999 shares of the real estate investment trust's stock after selling 2,525 shares during the period. Atria Wealth Solutions Inc.'s holdings in Simon Property Group were worth $2,491,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp increased its position 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 worth $940,758,000 after buying an additional 1,718,398 shares during the period. Price T Rowe Associates Inc. MD increased its position in Simon Property Group by 2.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,653,424 shares of the real estate investment trust's stock worth $629,158,000 after buying an additional 81,359 shares during the period. Deutsche Bank AG increased its position in Simon Property Group by 21.0% during the fourth quarter. Deutsche Bank AG now owns 3,590,867 shares of the real estate investment trust's stock worth $618,383,000 after buying an additional 624,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Simon Property Group by 6.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,411,119 shares of the real estate investment trust's stock worth $587,429,000 after buying an additional 219,823 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Simon Property Group by 133.0% in 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 period. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Price Performance

Shares of Simon Property Group stock traded up $1.63 during trading on Wednesday, reaching $170.85. The company's stock had a trading volume of 451,504 shares, compared to its average volume of 1,623,039. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The company has a market capitalization of $55.77 billion, a P/E ratio of 26.41, a price-to-earnings-growth ratio of 11.05 and a beta of 1.48. The business has a 50 day moving average price of $162.64 and a 200-day moving average price of $164.76.

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

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 5.0%. Simon Property Group's dividend payout ratio (DPR) is presently 132.92%.

Analysts Set New Price Targets

SPG has been the topic of a number of recent research reports. Barclays initiated coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price on the stock. Scotiabank boosted their target price on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. dropped their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Finally, Piper Sandler dropped their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Simon Property Group has a consensus rating of "Hold" and a consensus price target of $182.64.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 522 shares of the firm's 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 $83,149.38. Following the completion of the transaction, the director 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Larry C. Glasscock bought 396 shares of the firm'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 transaction, the director owned 43,185 shares of the company's stock, valued at $6,878,938.65. This represents a 0.93% increase in their position. The disclosure for this purchase can be found here. Insiders bought 2,386 shares of company stock valued at $380,066 in the last 90 days. 8.60% of the stock is owned by corporate insiders.

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.