Edgar Lomax Co. VA Decreases Holdings in Simon Property Group, Inc. $SPG

Key Points

• Edgar Lomax Co. VA reduced its holdings in Simon Property Group by 6.0%, now owning 61,885 shares valued at approximately $10.28 million.
• Insider purchases included Director Reuben S. Leibowitz buying 522 shares and Director Larry C. Glasscock acquiring 396 shares, indicating continued confidence in the company's performance.
• Simon Property Group recently declared a quarterly dividend of $2.15 per share, an increase from the previous $2.10, reflecting a strong dividend yield of 5.0%.

Edgar Lomax Co. VA trimmed its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 6.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,885 shares of the real estate investment trust's stock after selling 3,935 shares during the period. Edgar Lomax Co. VA's holdings in Simon Property Group were worth $10,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Colonial Trust Co SC lifted its position in shares of Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 57 shares during the last quarter. Sumitomo Life Insurance Co. lifted its holdings in 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 worth $743,000 after acquiring an additional 70 shares during the last quarter. Aspiriant LLC raised its holdings in shares of Simon Property Group by 1.3% during the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after buying an additional 74 shares during the last quarter. DoubleLine ETF Adviser LP raised its holdings in shares of Simon Property Group by 0.3% during 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 buying an additional 75 shares during the last quarter. Finally, HighPoint Advisor Group LLC raised its holdings in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock worth $544,000 after purchasing an additional 75 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the acquisition, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. This represents a 0.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Larry C. Glasscock acquired 396 shares of the firm's stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. This represents a 0.93% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,428 shares of company stock worth $387,271. 8.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on SPG. Stifel Nicolaus set a $179.00 price target on Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Scotiabank raised their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Piper Sandler decreased their target price 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. JPMorgan Chase & Co. dropped their price target on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Mizuho dropped their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average price target of $182.64.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $173.18 on Monday. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The firm has a fifty day simple moving average of $163.30 and a 200 day simple moving average of $164.62. The company has a market capitalization of $56.54 billion, a PE ratio of 26.77, a P/E/G ratio of 11.59 and a beta of 1.48. The company has a quick ratio of 1.23, a current 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.40 billion. During the same period last year, the company earned $2.90 earnings per share. The business's revenue was up 13.9% on a year-over-year basis. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a yield of 5.0%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is presently 129.83%.

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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