Douglas Lane & Associates LLC Sells 22,978 Shares of Simon Property Group, Inc. $SPG

Key Points

• Douglas Lane & Associates LLC reduced its stake in Simon Property Group by 9.8%, selling 22,978 shares during the second quarter and holding 211,196 shares worth approximately $33.95 million at the end of that period.
• Simon Property Group's quarterly earnings reported an EPS of $3.05, slightly beating estimates, with revenues increasing by 13.9% year-over-year.
• The firm has announced a dividend increase to $2.15 per share, up from $2.10, reflecting an annual payout of $8.60 and a yield of 4.7%.

Douglas Lane & Associates LLC trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 9.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 211,196 shares of the real estate investment trust's stock after selling 22,978 shares during the quarter. Douglas Lane & Associates LLC owned about 0.06% of Simon Property Group worth $33,952,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Great Lakes Advisors LLC increased its holdings in Simon Property Group by 3.7% in the 1st quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock worth $317,000 after buying an additional 68 shares in the last quarter. Sumitomo Life Insurance Co. boosted its stake in shares of Simon Property Group by 1.6% in the 1st quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock worth $743,000 after buying an additional 70 shares during the last quarter. Aspiriant LLC grew its holdings 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 worth $972,000 after acquiring an additional 74 shares during the period. HighPoint Advisor Group LLC grew its holdings 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 worth $544,000 after acquiring an additional 75 shares during the period. Finally, Moody National Bank Trust Division grew its holdings in shares of Simon Property Group by 5.9% in the first quarter. Moody National Bank Trust Division now owns 1,394 shares of the real estate investment trust's stock worth $232,000 after acquiring an additional 78 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Simon Property Group news, Director Gary M. Rodkin acquired 246 shares of the stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director directly owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel C. Smith acquired 378 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average price 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 of the company's stock, valued at approximately $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. Over the last ninety days, insiders bought 2,428 shares of company stock valued at $387,271. Insiders own 8.66% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on SPG. Stifel Nicolaus lowered Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective for the company. in a report on Tuesday, September 2nd. Morgan Stanley lifted their price objective on Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a report on Thursday. Barclays began coverage on Simon Property Group in a 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 report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Finally, Mizuho decreased their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of "Hold" and a consensus target price of $184.54.

Simon Property Group Stock Performance

NYSE:SPG opened at $182.68 on Friday. The stock has a 50-day simple moving average of $170.73 and a two-hundred day simple moving average of $164.29. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $59.64 billion, a PE ratio of 28.23, a P/E/G ratio of 11.14 and a beta of 1.50.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly 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 business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.Simon Property Group's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a dividend yield of 4.7%. Simon Property Group's dividend payout ratio (DPR) is presently 132.92%.

About Simon Property Group

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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