Cresset Asset Management LLC Boosts Stock Position in Simon Property Group, Inc. $SPG

Key Points

• Cresset Asset Management LLC increased its stake in Simon Property Group by 42.8%, owning 13,205 shares valued at approximately $2.19 million.
• Several other large investors, including Park Square Financial Group and Richardson Financial Services, also significantly increased their positions in Simon Property Group during the first quarter.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, reflecting an annualized dividend yield of 4.9%.

Cresset Asset Management LLC boosted its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 42.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,205 shares of the real estate investment trust's stock after acquiring an additional 3,959 shares during the quarter. Cresset Asset Management LLC's holdings in Simon Property Group were worth $2,193,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Park Square Financial Group LLC boosted its holdings in Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 81 shares during the period. Richardson Financial Services Inc. lifted its holdings 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 buying an additional 111 shares during the period. Continuum Advisory LLC lifted 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 worth $32,000 after buying an additional 156 shares during the period. Colonial Trust Co SC lifted its holdings in shares of Simon Property Group by 37.5% in the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Simon Property Group by 77.2% in the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director directly owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the completion of the transaction, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 2,428 shares of company stock worth $387,271 over the last ninety days. Corporate insiders own 8.60% of the company's stock.

Analyst Ratings Changes

SPG has been the subject of several research reports. JPMorgan Chase & Co. lowered their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Mizuho lowered their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price for the company. Stifel Nicolaus set a $179.00 target price on Simon Property Group and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, Barclays initiated coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price for the company. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Simon Property Group currently has an average rating of "Hold" and an average price target of $182.64.

Simon Property Group Trading Up 1.3%

Shares of NYSE SPG opened at $174.7640 on Wednesday. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $57.06 billion, a P/E ratio of 27.01, a price-to-earnings-growth ratio of 11.57 and a beta of 1.48. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The business has a fifty day moving average price of $163.82 and a 200 day moving average price of $164.69.

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 for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The firm 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 firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed 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. 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 (DPR) is currently 129.83%.

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.

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