Harvest Portfolios Group Inc. Increases Stock Position in Simon Property Group, Inc. $SPG

Key Points

• Harvest Portfolios Group Inc. increased its stake in Simon Property Group by 21.1%, owning 9,864 shares worth approximately $1.64 million at the end of Q1.
• Simon Property Group reported $3.05 EPS for the most recent quarter, slightly surpassing expectations, and has set FY 2025 guidance at $12.450-$12.650 EPS.
• The company declared a quarterly dividend of $2.15 per share, up from the previous $2.10, representing a 4.9% yield.

Harvest Portfolios Group Inc. grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 21.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,864 shares of the real estate investment trust's stock after acquiring an additional 1,718 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Simon Property Group were worth $1,638,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SPG. Brighton Jones LLC purchased a new position in shares of Simon Property Group during the fourth quarter worth approximately $295,000. Kovitz Investment Group Partners LLC purchased a new position in shares of Simon Property Group during the fourth quarter worth approximately $234,000. Coldstream Capital Management Inc. raised its stake in shares of Simon Property Group by 3.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 6,318 shares of the real estate investment trust's stock worth $1,088,000 after acquiring an additional 204 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Simon Property Group during the fourth quarter worth approximately $3,862,000. Finally, Northern Trust Corp raised its stake in shares of Simon Property Group by 45.9% during the fourth quarter. Northern Trust Corp now owns 5,462,856 shares of the real estate investment trust's stock worth $940,758,000 after acquiring an additional 1,718,398 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

NYSE:SPG opened at $177.09 on Wednesday. The stock has a market cap of $57.82 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 10.66 and a beta of 1.48. The firm's fifty day simple moving average is $165.58 and its 200 day simple moving average is $164.63. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. 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 released 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. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, research analysts predict 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. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. This represents a $8.60 annualized dividend and a yield of 4.9%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SPG shares. JPMorgan Chase & Co. lifted their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. Barclays assumed coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Truist Financial raised their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a report on Monday. Finally, Mizuho cut their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $184.00.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 522 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the acquisition, the director directly owned 58,195 shares in the company, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Glyn Aeppel acquired 234 shares of the stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $37,273.86. Following the transaction, the director directly owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. This trade represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,428 shares of company stock valued at $387,271 over the last quarter. 8.60% of the stock is owned by company insiders.

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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