Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Centersquare Investment Management LLC

Key Points

• Centersquare Investment Management LLC sold 37,313 shares of Simon Property Group, reducing its stake by 2.3%, leaving it with approximately 1.6 million shares worth about $268.7 million.
• Simon Property Group recently announced an increase in its quarterly dividend from $2.10 to $2.15, resulting in an annualized yield of 5.1%.
• Analysts have mixed ratings for Simon Property Group, with a consensus rating of "Hold" and a price target of $182.64, while several hedge funds have also adjusted their positions in the stock.

Centersquare Investment Management LLC lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,618,038 shares of the real estate investment trust's stock after selling 37,313 shares during the quarter. Simon Property Group accounts for about 2.8% of Centersquare Investment Management LLC's portfolio, making the stock its 12th largest holding. Centersquare Investment Management LLC owned about 0.50% of Simon Property Group worth $268,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Principal Financial Group Inc. raised its position in Simon Property Group by 133.0% during 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 acquiring an additional 1,830,264 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Simon Property Group by 45.9% during the 4th quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock valued at $940,758,000 after purchasing an additional 1,718,398 shares in the last quarter. Resolution Capital Ltd acquired a new position in shares of Simon Property Group in the 4th quarter valued at $212,592,000. Massachusetts Financial Services Co. MA purchased a new stake in Simon Property Group during the first quarter worth $197,377,000. Finally, GAMMA Investing LLC grew its position in Simon Property Group by 16,346.0% during the first quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust's stock valued at $145,608,000 after buying an additional 871,405 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz bought 522 shares of the company's stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the acquisition, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Larry C. Glasscock purchased 396 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the acquisition, the director owned 43,185 shares in the company, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,386 shares of company stock valued at $380,066. Insiders own 8.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPG. Scotiabank upped their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Piper Sandler reduced their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Barclays began coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. Mizuho reduced their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $182.64.

Simon Property Group Price Performance

SPG stock traded down $1.29 during midday trading on Thursday, reaching $166.24. The stock had a trading volume of 1,399,453 shares, compared to its average volume of 1,451,191. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a current ratio of 1.23, a quick ratio of 1.45 and a debt-to-equity ratio of 9.05. The company's fifty day simple moving average is $162.40 and its 200 day simple moving average is $164.99. The company has a market cap of $54.26 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 11.21 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.90 earnings per share. As a group, sell-side analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 5.2%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is presently 129.83%.

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.