Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in Simon Property Group (SPG) by 6.2%, now holding 45,776 shares valued at $7.60 million.
• Major institutional investors have significantly raised their positions in SPG, with Park Square Financial Group increasing its stake by 108.0% and Richardson Financial Services up by 185.0% in the first quarter.
• Simon Property Group recently announced a quarterly dividend of $2.10 per share, translating to an annualized dividend yield of 5.1%, despite a high payout ratio of 133.76%.

Cetera Investment Advisers lifted its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 6.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,776 shares of the real estate investment trust's stock after purchasing an additional 2,669 shares during the quarter. Cetera Investment Advisers' holdings in Simon Property Group were worth $7,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Northern Trust Corp grew its stake in Simon Property Group by 45.9% in 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 acquiring an additional 1,718,398 shares during the period. Invesco Ltd. boosted its stake in Simon Property Group by 14.8% during the 4th quarter. Invesco Ltd. now owns 4,216,575 shares of the real estate investment trust's stock worth $726,136,000 after purchasing an additional 542,511 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Simon Property Group by 2.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,653,424 shares of the real estate investment trust's stock worth $629,158,000 after purchasing an additional 81,359 shares during the last quarter. Deutsche Bank AG boosted its stake in Simon Property Group by 21.0% during the 4th quarter. Deutsche Bank AG now owns 3,590,867 shares of the real estate investment trust's stock worth $618,383,000 after purchasing an additional 624,000 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Simon Property Group by 6.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,411,119 shares of the real estate investment trust's stock worth $587,429,000 after purchasing an additional 219,823 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 522 shares of the 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 $83,149.38. Following the completion of the transaction, the director owned 58,195 shares in the company, valued at $9,269,881.55. This represents a 0.91% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Larry C. Glasscock acquired 396 shares of the stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the transaction, the director owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. This represents a 0.93% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 2,386 shares of company stock valued at $380,066. 8.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

SPG has been the topic of several recent research reports. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 target price on the stock. Piper Sandler lowered their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Mizuho lowered their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 10th. Barclays assumed 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. Finally, JPMorgan Chase & Co. lowered 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 report on Thursday, May 22nd. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $182.64.

Simon Property Group Trading Up 3.2%

NYSE:SPG traded up $5.27 on Tuesday, reaching $169.21. 1,178,893 shares of the company's stock were exchanged, compared to its average volume of 1,630,135. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 8.29. The firm has a market capitalization of $55.23 billion, a price-to-earnings ratio of 26.95, a price-to-earnings-growth ratio of 10.85 and a beta of 1.48. The business has a fifty day moving average of $162.03 and a 200-day moving average of $164.99. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.90 earnings per share. As a group, analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 5.1%. Simon Property Group's dividend payout ratio is 133.76%.

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.