Everstar Asset Management LLC Buys Shares of 17,572 Simon Property Group, Inc. $SPG

Key Points

• Everstar Asset Management LLC has acquired 17,572 shares of Simon Property Group, valued at approximately $2.9 million, making it the firm's 29th largest position.
• Simon Property Group reported earnings of $3.05 per share for the last quarter, surpassing expectations, with a year-over-year revenue increase of 13.9%.
• The company announced an increase in its quarterly dividend to $2.15 per share, representing an annualized dividend yield of 4.7%.

Everstar Asset Management LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 17,572 shares of the real estate investment trust's stock, valued at approximately $2,918,000. Simon Property Group makes up 0.5% of Everstar Asset Management LLC's portfolio, making the stock its 29th biggest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Park Square Financial Group LLC grew its holdings in Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Richardson Financial Services Inc. boosted its position in shares of Simon Property Group by 185.0% in the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 111 shares in the last quarter. Continuum Advisory LLC boosted its position in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 156 shares in the last quarter. AdvisorNet Financial Inc grew its stake in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the last quarter. Finally, WPG Advisers LLC acquired a new position in Simon Property Group during the 1st quarter valued at about $47,000. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Performance

NYSE SPG opened at $182.05 on Monday. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two 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 $59.44 billion, a P/E ratio of 28.14, a PEG ratio of 11.04 and a beta of 1.50. The stock has a 50-day simple moving average of $169.04 and a two-hundred day simple moving average of $164.23.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the business earned $2.90 earnings per share. Simon Property Group's quarterly revenue was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 4.7%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the completion of the acquisition, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary M. Rodkin acquired 246 shares of the business's stock in a transaction on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $39,185.34. Following the acquisition, the director directly owned 19,010 shares of the company's stock, valued at $3,028,102.90. This represents a 1.31% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,428 shares of company stock valued at $387,271 in the last three months. Corporate insiders own 8.60% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on SPG shares. Argus reiterated a "buy" rating and issued a $185.00 target price on shares of Simon Property Group in a research note on Friday. Truist Financial lifted their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research note on Monday, August 25th. Stifel Nicolaus downgraded Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 target price on the stock. in a research report on Tuesday, September 2nd. Piper Sandler reduced their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Finally, Mizuho decreased their target price 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 seven have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $184.92.

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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