Simon Property Group, Inc. (NYSE:SPG) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its stake in Simon Property Group by 23.5%, selling 6,018 shares and now holding 19,577 shares valued at $3,251,000.
• Simon Property Group announced a quarterly dividend increase from $2.10 to $2.15, resulting in an annualized dividend of $8.60 with a yield of 5.0%.
• Analysts rate Simon Property Group with a consensus rating of "Hold" and an average price target of $182.64, with multiple institutions modifying their holdings recently.

Gulf International Bank UK Ltd decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 23.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,577 shares of the real estate investment trust's stock after selling 6,018 shares during the quarter. Gulf International Bank UK Ltd's holdings in Simon Property Group were worth $3,251,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC increased its stake in Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after purchasing an additional 789 shares in the last quarter. Golden State Wealth Management LLC increased its stake in Simon Property Group by 193.5% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock valued at $128,000 after purchasing an additional 509 shares in the last quarter. Brighton Jones LLC acquired a new position in Simon Property Group during the 4th quarter valued at approximately $295,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Simon Property Group in the first quarter worth $895,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Simon Property Group by 8.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock worth $9,415,000 after acquiring an additional 4,589 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Activity

In other news, Director Glyn Aeppel acquired 234 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the completion of the transaction, the director owned 19,057 shares in the company, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Reuben S. Leibowitz acquired 522 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $83,149.38. Following the completion of the transaction, the director owned 58,195 shares of the company's stock, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock valued at $387,271 in the last quarter. Insiders own 8.66% of the company's stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of research reports. Piper Sandler cut their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. JPMorgan Chase & Co. cut their price objective 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. Barclays initiated coverage on shares of 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. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Finally, Stifel Nicolaus set a $179.00 price objective on shares of Simon Property Group and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Simon Property Group has an average rating of "Hold" and a consensus price target of $182.64.

Simon Property Group Stock Performance

NYSE SPG traded up $0.99 during mid-day trading on Friday, reaching $173.18. 1,581,618 shares of the stock were exchanged, compared to its average volume of 1,494,117. The business's 50 day moving average is $163.30 and its 200-day moving average is $164.70. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The company has a market capitalization of $56.53 billion, a P/E ratio of 26.77, a P/E/G ratio of 11.59 and a beta of 1.48. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current 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. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company's revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm posted $2.90 earnings per share. On average, equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 5.0%. Simon Property Group's dividend payout ratio (DPR) is 129.83%.

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.