Diligent Investors LLC Has $1.64 Million Stake in Simon Property Group, Inc. $SPG

Key Points

• Diligent Investors LLC reduced its stake in Simon Property Group by 16.7%, holding 10,222 shares valued at approximately $1.64 million as of the latest reporting period.
• Simon Property Group increased its quarterly dividend to $2.15 per share, up from $2.10, reflecting an annualized dividend yield of 4.6%.
• Various institutions modified their holdings, with Vanguard Group increasing its position by 0.6% to nearly $7.59 billion worth of shares.

Diligent Investors LLC reduced its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 16.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,222 shares of the real estate investment trust's stock after selling 2,056 shares during the quarter. Diligent Investors LLC's holdings in Simon Property Group were worth $1,643,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Simon Property Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust's stock worth $7,588,195,000 after purchasing an additional 267,503 shares in the last quarter. Northern Trust Corp increased its position in Simon Property Group by 1.8% during the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock worth $923,236,000 after buying an additional 96,126 shares during the last quarter. JPMorgan Chase & Co. increased its position in Simon Property Group by 3.0% during the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock worth $805,853,000 after buying an additional 141,657 shares during the last quarter. Nuveen LLC bought a new stake in shares of Simon Property Group during the first quarter worth approximately $724,937,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Simon Property Group by 0.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock worth $608,086,000 after acquiring an additional 23,873 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Insider Activity

In other Simon Property Group news, Director Stefan M. Selig acquired 195 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, for a total transaction of $36,260.25. Following the acquisition, the director owned 32,076 shares in the company, valued at $5,964,532.20. This represents a 0.61% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Daniel C. Smith acquired 335 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $62,293.25. Following the acquisition, the director owned 32,333 shares in the company, valued at approximately $6,012,321.35. This trade represents a 1.05% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,163 shares of company stock worth $401,605. Company insiders own 8.66% of the company's stock.

Simon Property Group Stock Performance

SPG opened at $185.58 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The company's fifty day moving average price is $176.78 and its two-hundred day moving average price is $165.50. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The company has a market cap of $60.59 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 11.20 and a beta of 1.50.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $2.90 EPS. The business'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. On average, analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were 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 was Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.6%. Simon Property Group's dividend payout ratio is 132.92%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Piper Sandler lifted their price target on shares of Simon Property Group from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Morgan Stanley lifted their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a research note on Thursday, September 11th. Truist Financial raised their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research report on Monday, August 25th. JPMorgan Chase & Co. raised their target price on shares of Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. Finally, Mizuho decreased their price objective 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. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $186.46.

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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