Gallacher Capital Management LLC Acquires New Stake in Simon Property Group, Inc. $SPG

Key Points

• Gallacher Capital Management LLC has acquired a new stake in Simon Property Group, Inc., purchasing 3,121 shares valued at approximately $502,000.
• Simon Property Group recently reported a quarterly earnings per share (EPS) of $3.05, surpassing the estimated $3.04, with revenue rising 13.9% year-over-year.
• The firm declared an increase in its quarterly dividend to $2.15 per share, representing a dividend yield of 4.7%, with an upcoming payment set for September 30th.

Gallacher Capital Management LLC acquired a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,121 shares of the real estate investment trust's stock, valued at approximately $502,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Simon Property Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust's stock worth $7,588,195,000 after buying an additional 267,503 shares during the period. Northern Trust Corp raised its stake in shares of Simon Property Group by 1.8% in the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock worth $923,236,000 after buying an additional 96,126 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Simon Property Group by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock worth $805,853,000 after buying an additional 141,657 shares during the period. Nuveen LLC bought a new position in shares of Simon Property Group in the first quarter worth about $724,937,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Simon Property Group by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock worth $608,086,000 after buying an additional 23,873 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

NYSE:SPG opened at $182.68 on Monday. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 28.23, a PEG ratio of 11.05 and a beta of 1.50. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The business has a 50 day simple moving average of $170.73 and a 200-day simple moving average of $164.16. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings data 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. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company earned $2.90 EPS. The company's revenue for the quarter 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. Equities 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 declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis 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 is 132.92%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPG. Stifel Nicolaus downgraded Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective on the stock. in a research note on Tuesday, September 2nd. Barclays assumed coverage on Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. Truist Financial increased their target price on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research report on Monday, August 25th. Mizuho cut their target price 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. Finally, Scotiabank increased their target price on Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Simon Property Group currently has an average rating of "Hold" and a consensus price target of $184.54.

Insider Activity

In other Simon Property Group news, Director Glyn Aeppel purchased 234 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $37,273.86. Following the purchase, the director owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Larry C. Glasscock purchased 396 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the purchase, the director directly owned 43,185 shares in the company, valued at $6,878,938.65. The trade was a 0.93% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 2,428 shares of company stock worth $387,271 in the last three months. Corporate insiders own 8.60% of the company's stock.

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.

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