Simon Property Group, Inc. $SPG Stock Position Lowered by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board reduced its holdings in Simon Property Group by 62.6% in the first quarter, now owning approximately 406,793 shares valued at $67.56 million.
• Analysts have recently adjusted price targets for Simon Property Group, with Scotiabank raising their target to $173 and Barclays setting it at $170, while maintaining a "Hold" consensus rating.
• Simon Property Group announced an increase in its quarterly dividend from $2.10 to $2.15, now representing an annualized dividend yield of 4.8%.

Canada Pension Plan Investment Board reduced its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 62.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 406,793 shares of the real estate investment trust's stock after selling 680,143 shares during the period. Canada Pension Plan Investment Board owned approximately 0.12% of Simon Property Group worth $67,560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SPG. Park Square Financial Group LLC increased its holdings in Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 81 shares during the last quarter. Richardson Financial Services Inc. grew its position in shares of Simon Property Group by 185.0% in the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 111 shares in the last quarter. Continuum Advisory LLC increased its holdings in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after acquiring an additional 156 shares during the last quarter. Colonial Trust Co SC raised its position in shares of Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 95 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $1.08 during trading on Thursday, reaching $180.94. The company had a trading volume of 1,034,007 shares, compared to its average volume of 1,624,922. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $59.08 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 10.94 and a beta of 1.50. The firm's fifty day moving average is $168.19 and its 200 day moving average is $164.59.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The firm's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts forecast 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. Investors of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is 129.83%.

Insider Activity

In related news, Director Daniel C. Smith acquired 378 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $60,211.62. Following the purchase, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. The trade was a 1.20% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glyn Aeppel bought 234 shares of the business's stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the transaction, the director directly owned 19,057 shares of the company's stock, valued at $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock valued at $387,271 over the last quarter. Insiders own 8.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPG. Stifel Nicolaus lowered shares of Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target for the company. in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a research note on Friday, August 22nd. Scotiabank increased their price target on Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. Truist Financial raised their price target on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a report on Monday, August 25th. Finally, LADENBURG THALM/SH SH initiated coverage on 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. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $184.91.

About Simon Property Group

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.