Castle Rock Wealth Management LLC Has $365,000 Stock Holdings in Simon Property Group, Inc. $SPG

Key Points

• Castle Rock Wealth Management LLC reduced its stake in Simon Property Group by 67.8%, currently holding 2,223 shares worth $365,000.
• Simon Property Group reported a quarterly earnings per share (EPS) of $3.05, slightly beating expectations, with a year-over-year revenue growth of 13.9%.
• The company recently increased its quarterly dividend from $2.10 to $2.15 per share, with an annualized dividend yield of 4.8%.

Castle Rock Wealth Management LLC lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 67.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,223 shares of the real estate investment trust's stock after selling 4,671 shares during the period. Castle Rock Wealth Management LLC's holdings in Simon Property Group were worth $365,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Simon Property Group in the first quarter worth $724,937,000. Principal Financial Group Inc. grew its stake 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 worth $532,529,000 after acquiring an additional 1,830,264 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Simon Property Group in the first quarter worth $197,377,000. Goldman Sachs Group Inc. grew its stake in shares of Simon Property Group by 25.5% in the first quarter. Goldman Sachs Group Inc. now owns 2,976,076 shares of the real estate investment trust's stock worth $494,267,000 after acquiring an additional 604,016 shares during the last quarter. Finally, Resolution Capital Ltd grew its stake in shares of Simon Property Group by 45.8% in the first quarter. Resolution Capital Ltd now owns 1,799,574 shares of the real estate investment trust's stock worth $298,873,000 after acquiring an additional 565,084 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Down 0.4%

Shares of NYSE SPG opened at $178.29 on Thursday. The stock has a market cap of $58.21 billion, a PE ratio of 27.56, a PEG ratio of 10.83 and a beta of 1.50. The business has a fifty day moving average of $177.53 and a two-hundred day moving average of $165.81. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week 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.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion during 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 business's revenue was up 13.9% on a year-over-year basis. During the same period last year, the business earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th were issued a dividend of $2.15 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.8%. Simon Property Group's dividend payout ratio (DPR) is 132.92%.

Insider Activity at Simon Property Group

In related news, Director Glyn Aeppel acquired 208 shares of the business's stock in a transaction on Tuesday, September 30th. The stock was bought at an average cost of $185.95 per share, with a total value of $38,677.60. Following the completion of the acquisition, the director owned 19,265 shares in the company, valued at $3,582,326.75. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel C. Smith purchased 335 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The stock was acquired at an average cost of $185.95 per share, with a total value of $62,293.25. Following the completion of the acquisition, the director directly owned 32,333 shares of the company's stock, valued at $6,012,321.35. The trade was a 1.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 2,163 shares of company stock valued at $401,605. Insiders own 8.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPG shares. Barclays raised 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. Truist Financial raised their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research note on Monday, August 25th. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Morgan Stanley raised 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 Thursday, September 11th. Finally, Piper Sandler raised their target price on Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, September 18th. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and an average target price of $187.23.

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.

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