Donoghue Forlines LLC Increases Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Donoghue Forlines LLC significantly increased its stake in Simon Property Group, Inc. by 149.7%, acquiring an additional 13,398 shares in the first quarter, bringing its total holdings to 22,350 shares valued at approximately $3.71 million.
• Several other institutional investors also boosted their positions in Simon Property Group, with notable increases including 421.6% by Continuum Advisory LLC and 185.0% by Richardson Financial Services Inc.
• Simon Property Group recently declared a quarterly dividend of $2.15 per share, up from $2.10, reflecting a 5.2% dividend yield, with a dividend payout ratio of 129.83%.

Donoghue Forlines LLC boosted its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 149.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,350 shares of the real estate investment trust's stock after purchasing an additional 13,398 shares during the period. Simon Property Group comprises 1.2% of Donoghue Forlines LLC's investment portfolio, making the stock its 11th biggest position. Donoghue Forlines LLC's holdings in Simon Property Group were worth $3,712,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Colonial Trust Co SC grew its position in shares of Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 57 shares during the period. Sumitomo Life Insurance Co. grew its position in shares of Simon Property Group by 1.6% in the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after purchasing an additional 70 shares during the period. Aspiriant LLC grew its position in shares of Simon Property Group by 1.3% in the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares during the period. DoubleLine ETF Adviser LP grew its position in shares of Simon Property Group by 0.3% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust's stock valued at $3,783,000 after purchasing an additional 75 shares during the period. Finally, HighPoint Advisor Group LLC grew its position in shares of Simon Property Group by 2.2% in the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock valued at $544,000 after purchasing an additional 75 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Simon Property Group

In related news, Director Daniel C. Smith acquired 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the completion of the purchase, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This trade represents a 1.20% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Glyn Aeppel acquired 234 shares of Simon Property Group stock in a transaction 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 purchase, the director owned 19,057 shares of the company's stock, valued at $3,035,589.53. This represents a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,386 shares of company stock valued at $380,066 over the last 90 days. Corporate insiders own 8.60% of the company's stock.

Analysts Set New Price Targets

SPG has been the subject of a number of recent analyst reports. Mizuho lowered their price objective on 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. Barclays initiated coverage on Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Piper Sandler lowered their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Finally, Scotiabank lifted their target price on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $182.64.

Simon Property Group Stock Up 2.5%

Shares of SPG traded up $4.10 during midday trading on Tuesday, reaching $169.30. 1,242,467 shares of the company were exchanged, compared to its average volume of 1,631,056. The stock has a 50-day moving average price of $162.49 and a 200-day moving average price of $164.72. The company has a market cap of $55.26 billion, a price-to-earnings ratio of 26.17, a P/E/G ratio of 11.03 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 company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05.

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 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 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 quarter in the previous year, the firm posted $2.90 earnings per share. Research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed 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 boost from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Tuesday, September 9th. Simon Property Group's payout ratio is presently 129.83%.

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.