Corebridge Financial Inc. Decreases Holdings in Simon Property Group, Inc. $SPG

Key Points

• Corebridge Financial Inc. reduced its holdings in Simon Property Group, Inc. by 3.8%, ending the most recent quarter with 75,806 shares valued at approximately $12.59 million.
• Simon Property Group declared a quarterly dividend of $2.15 per share, an increase from the previous $2.10, representing an annualized dividend yield of 4.9%.
• Analysts have mixed ratings for Simon Property Group; while five analysts recommend a Buy, others have given a Hold rating, with a consensus target price averaging $184.00.

Corebridge Financial Inc. cut its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,806 shares of the real estate investment trust's stock after selling 2,988 shares during the quarter. Corebridge Financial Inc.'s holdings in Simon Property Group were worth $12,590,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in shares of Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock worth $553,000 after acquiring an additional 789 shares during the period. Golden State Wealth Management LLC grew its stake in shares of Simon Property Group by 193.5% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock worth $128,000 after acquiring an additional 509 shares during the period. Brighton Jones LLC bought a new position in shares of Simon Property Group during the 4th quarter worth $295,000. J.W. Cole Advisors Inc. bought a new position in shares of Simon Property Group during the 1st quarter worth $895,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Simon Property Group by 8.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock worth $9,415,000 after acquiring an additional 4,589 shares during the period. Institutional investors own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SPG shares. Piper Sandler cut their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. JPMorgan Chase & Co. increased their price target on Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. Mizuho cut their price target 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. Stifel Nicolaus set a $179.00 price target on Simon Property Group and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Barclays initiated coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $184.00.

Simon Property Group Stock Up 0.4%

Shares of NYSE SPG opened at $177.09 on Wednesday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The business has a 50-day simple moving average of $165.58 and a two-hundred day simple moving average of $164.63. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market cap of $57.82 billion, a P/E ratio of 27.37, a P/E/G ratio of 10.66 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, topping the consensus estimate 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 business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company earned $2.90 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.9%. Simon Property Group's dividend payout ratio is 129.83%.

Insider Activity

In other Simon Property Group news, Director Stefan M. Selig purchased 219 shares of the company's stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gary M. Rodkin purchased 246 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $39,185.34. Following the transaction, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,428 shares of company stock worth $387,271. Company insiders own 8.60% of the company's stock.

Simon Property Group Company 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.

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