Deutsche Bank AG Sells 421,186 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Deutsche Bank AG has reduced its stake in Simon Property Group by 11.7%, selling 421,186 shares and now holding approximately 3.17 million shares valued at $526.4 million.
• Several institutional investors increased their holdings in Simon Property Group during the fourth quarter, with notable increases from FIL Ltd and Federated Hermes Inc., contributing to a total institutional ownership of 93.01%.
• The company recently announced a quarterly dividend increase to $2.15 per share, marking a positive change from the previous dividend and resulting in an annualized payout of $8.60 with a yield of 5.1%.

Deutsche Bank AG trimmed its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 11.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,169,681 shares of the real estate investment trust's stock after selling 421,186 shares during the quarter. Deutsche Bank AG owned about 0.97% of Simon Property Group worth $526,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPG. Brighton Jones LLC bought a new position in shares of Simon Property Group in the fourth quarter worth approximately $295,000. Aviva PLC boosted its holdings in Simon Property Group by 9.7% in the 4th quarter. Aviva PLC now owns 27,538 shares of the real estate investment trust's stock worth $4,742,000 after buying an additional 2,428 shares during the period. Federated Hermes Inc. increased its stake in Simon Property Group by 20.7% in the 4th quarter. Federated Hermes Inc. now owns 45,859 shares of the real estate investment trust's stock worth $7,897,000 after buying an additional 7,865 shares in the last quarter. FIL Ltd increased its stake in Simon Property Group by 34.8% in the 4th quarter. FIL Ltd now owns 304,650 shares of the real estate investment trust's stock worth $52,464,000 after buying an additional 78,579 shares in the last quarter. Finally, Advisory Services Network LLC lifted its position in shares of Simon Property Group by 2.5% in the fourth quarter. Advisory Services Network LLC now owns 25,282 shares of the real estate investment trust's stock valued at $4,354,000 after acquiring an additional 606 shares in the last quarter. Institutional investors own 93.01% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on SPG shares. JPMorgan Chase & Co. cut their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Piper Sandler reduced their price objective 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 dropped their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research report on Tuesday, June 10th. Finally, Barclays assumed coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Simon Property Group has a consensus rating of "Hold" and an average price target of $182.64.

Insider Transactions at Simon Property Group

In related news, Director Glyn Aeppel purchased 234 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the acquisition, the director owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. This represents a 1.24% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gary M. Rodkin acquired 246 shares of the company's stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the purchase, the director directly owned 19,010 shares of the company's stock, valued at $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 2,386 shares of company stock worth $380,066. 8.66% of the stock is currently owned by corporate insiders.

Simon Property Group Price Performance

Simon Property Group stock opened at $167.58 on Thursday. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a quick ratio of 1.45, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The firm's fifty day moving average is $162.34 and its 200 day moving average is $165.04. The company has a market cap of $54.70 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 11.34 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion for 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 business's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.90 EPS. Sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS 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 $2.15 dividend. This is a positive change 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 5.1%. Simon Property Group's dividend payout ratio (DPR) is presently 132.92%.

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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