Federated Hermes Inc. Boosts Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Federated Hermes Inc. has increased its holdings in Simon Property Group (NYSE:SPG) by 61.3%, owning 73,980 shares valued at approximately $12.29 million following a purchase of 28,121 additional shares.
• Simon Property Group's latest quarterly earnings report revealed an EPS of $2.95, surpassing analyst estimates and showing a revenue of $1.47 billion, up 2.1% year-over-year.
• The company announced a quarterly dividend of $2.10 per share, leading to an annualized dividend yield of 5.2% despite a high payout ratio of 133.76%.

Federated Hermes Inc. increased its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 61.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,980 shares of the real estate investment trust's stock after purchasing an additional 28,121 shares during the quarter. Federated Hermes Inc.'s holdings in Simon Property Group were worth $12,287,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Park Square Financial Group LLC lifted its position in shares of Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 81 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in 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 acquiring an additional 111 shares during the last quarter. Continuum Advisory LLC increased its holdings in 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 acquiring an additional 156 shares during the last quarter. Colonial Trust Co SC increased its holdings in Simon Property Group by 37.5% in the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 57 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Simon Property Group by 77.2% in the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

Shares of NYSE SPG traded up $3.04 during midday trading on Monday, hitting $163.72. 1,847,260 shares of the company's stock were exchanged, compared to its average volume of 1,359,076. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. The company has a market cap of $53.44 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 10.85 and a beta of 1.48. The business's fifty day moving average price is $161.89 and its two-hundred day moving average price is $165.07.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. Simon Property Group's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.56 EPS. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal 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 given a $2.15 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 5.3%. Simon Property Group's payout ratio is presently 133.76%.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 522 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the transaction, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stefan M. Selig acquired 219 shares of the 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 $34,884.51. Following the transaction, the director directly owned 31,881 shares of the company's stock, valued at approximately $5,078,324.49. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,386 shares of company stock worth $380,066 over the last ninety days. Corporate insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. 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. JPMorgan Chase & Co. decreased their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Piper Sandler decreased their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. 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. Finally, Stifel Nicolaus lifted their target price on Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Simon Property Group has an average rating of "Hold" and an average target price of $182.73.

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.