Bank of Nova Scotia Purchases Shares of 42,586 Simon Property Group, Inc. $SPG

Bank of Nova Scotia acquired a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 42,586 shares of the real estate investment trust's stock, valued at approximately $9,524,000.

Several other hedge funds have also recently made changes to their positions in SPG. Stance Capital LLC bought a new position in shares of Simon Property Group in the third quarter worth about $26,000. Wilkerson Advisory Group LLC acquired a new stake in shares of Simon Property Group in the fourth quarter worth $29,000. SHP Wealth Management purchased a new position in Simon Property Group during the fourth quarter valued at approximately $34,000. Dynamic Wealth Strategies LLC grew its holdings in Simon Property Group by 195.8% in the first quarter. Dynamic Wealth Strategies LLC now owns 210 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 139 shares during the period. Finally, N.E.W. Advisory Services LLC lifted its stake in Simon Property Group by 335.0% in the 2nd quarter. N.E.W. Advisory Services LLC now owns 174 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 134 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 508 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $223.38 per share, for a total transaction of $113,477.04. Following the acquisition, the director owned 55,797 shares in the company, valued at approximately $12,463,933.86. This trade represents a 0.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glyn Aeppel bought 243 shares of the stock in a transaction dated Tuesday, June 30th. The stock was bought at an average price of $223.36 per share, with a total value of $54,276.48. Following the purchase, the director owned 21,067 shares of the company's stock, valued at approximately $4,705,525.12. This represents a 1.17% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 2,387 shares of company stock worth $533,056. 8.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPG. Stifel Nicolaus upped their price objective on shares of Simon Property Group from $194.00 to $209.00 and gave the company a "hold" rating in a report on Tuesday, August 11th. Citigroup increased their target price on Simon Property Group from $205.00 to $230.00 and gave the company a "neutral" rating in a report on Monday, August 17th. Weiss Ratings upgraded shares of Simon Property Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 12th. Morgan Stanley lifted their price target on Simon Property Group from $205.00 to $207.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Simon Property Group from $210.00 to $217.00 and gave the company a "neutral" rating in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $223.00.

Simon Property Group Price Performance

SPG stock opened at $220.66 on Tuesday. The firm has a 50 day moving average of $223.18 and a 200-day moving average of $207.46. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 5.19. The company has a market cap of $71.40 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 2.72 and a beta of 1.30. Simon Property Group, Inc. has a 12-month low of $172.19 and a 12-month high of $238.50.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.15). Simon Property Group had a return on equity of 89.32% and a net margin of 66.56%.The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the firm earned $1.70 EPS. The company's quarterly revenue was up 19.5% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. As a group, equities analysts expect that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 9th. Simon Property Group's payout ratio is 63.47%.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon's portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.

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