Boston Partners Has $405.45 Million Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Boston Partners reduced its stake in Simon Property Group by 2.5%, selling 62,645 shares and now owning approximately 0.75% of the company valued at $405 million.
• Simon Property Group reported a quarterly earnings of $3.05 per share, exceeding estimates and showing a 13.9% increase in revenue year-over-year, with a net margin of 36.78%.
• The company is increasing its quarterly dividend to $2.15 per share, reflecting a yield of 5.1%, up from the previous dividend of $2.10.

Boston Partners reduced its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,441,855 shares of the real estate investment trust's stock after selling 62,645 shares during the period. Boston Partners owned about 0.75% of Simon Property Group worth $405,449,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of SPG. Tokio Marine Asset Management Co. Ltd. increased its position in Simon Property Group by 2.4% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,712 shares of the real estate investment trust's stock worth $1,613,000 after purchasing an additional 224 shares during the period. S Bank Fund Management Ltd acquired a new stake in shares of Simon Property Group in the first quarter valued at approximately $532,000. National Pension Service boosted its holdings in Simon Property Group by 8.6% during the first quarter. National Pension Service now owns 974,697 shares of the real estate investment trust's stock worth $161,878,000 after buying an additional 76,933 shares in the last quarter. LGT Group Foundation boosted its stake in shares of Simon Property Group by 2.7% during the 1st quarter. LGT Group Foundation now owns 72,290 shares of the real estate investment trust's stock valued at $12,006,000 after buying an additional 1,882 shares during the period. Finally, Resona Asset Management Co. Ltd. raised its holdings in Simon Property Group by 7.1% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 188,472 shares of the real estate investment trust's stock worth $31,054,000 after acquiring an additional 12,420 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Glyn Aeppel purchased 234 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $37,273.86. Following the completion of the acquisition, the director directly owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stefan M. Selig bought 219 shares of the firm's stock in a transaction on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $34,884.51. Following the transaction, the director owned 31,881 shares in the company, valued at $5,078,324.49. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 2,428 shares of company stock worth $387,271 over the last three months. 8.66% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Performance

SPG stock traded up $0.99 during midday trading on Friday, hitting $173.18. 1,581,618 shares of the stock traded hands, compared to its average volume of 1,494,117. The firm has a market cap of $56.53 billion, a P/E ratio of 26.77, a PEG ratio of 11.52 and a beta of 1.48. The stock's fifty day simple moving average is $163.30 and its 200-day simple moving average is $164.76. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. 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 results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates 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 period in the prior year, the firm earned $2.90 earnings per share. The firm's revenue was up 13.9% compared to the same quarter last year. On average, analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

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

Analysts Set New Price Targets

A number of research firms have commented on SPG. Piper Sandler reduced their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. JPMorgan Chase & Co. cut their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Stifel Nicolaus set a $179.00 price objective on shares of Simon Property Group and gave the company a "buy" rating in a research note on Tuesday, August 5th. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price target on the stock. Finally, Barclays initiated coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $182.64.

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.