Highland Capital Management LLC Invests $1.20 Million in Simon Property Group, Inc. $SPG

Key Points

• Highland Capital Management LLC has invested approximately $1.2 million in Simon Property Group, purchasing 7,438 shares of the real estate investment trust (REIT).
• Simon Property Group recently increased its quarterly dividend to $2.15 per share, representing an annualized rate of $8.60 and a yield of 4.6%.
• Analyst ratings for Simon Property Group are mostly positive, with five analysts giving a Buy rating and an average target price of $186.46.

Highland Capital Management LLC purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 7,438 shares of the real estate investment trust's stock, valued at approximately $1,196,000.

A number of other large investors have also recently bought and sold shares of the business. Great Lakes Advisors LLC grew its stake in Simon Property Group by 3.7% during the 1st quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock worth $317,000 after buying an additional 68 shares during the last quarter. Wedmont Private Capital boosted its holdings in shares of Simon Property Group by 1.0% during the second quarter. Wedmont Private Capital now owns 7,040 shares of the real estate investment trust's stock valued at $1,147,000 after acquiring an additional 68 shares during the period. PFS Partners LLC grew its position in shares of Simon Property Group by 13.6% during the second quarter. PFS Partners LLC now owns 568 shares of the real estate investment trust's stock worth $91,000 after acquiring an additional 68 shares during the last quarter. Sumitomo Life Insurance Co. increased its holdings in shares of Simon Property Group by 1.6% in the 1st quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock worth $743,000 after acquiring an additional 70 shares during the period. Finally, Aspiriant LLC lifted its position in Simon Property Group by 1.3% in the 1st quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares during the last quarter. Institutional investors own 93.01% of the company's stock.

Analyst Ratings Changes

SPG has been the subject of a number of recent analyst reports. Morgan Stanley increased their price objective on Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a report on Thursday, September 11th. Evercore ISI reiterated an "in-line" rating and set a $187.00 price target (up previously from $183.00) on shares of Simon Property Group in a research report on Monday, September 15th. JPMorgan Chase & Co. increased their price target on 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 research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective on the stock. Finally, Argus reiterated a "buy" rating and issued a $185.00 target price on shares of Simon Property Group in a research report on Friday, September 5th. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Simon Property Group has an average rating of "Hold" and an average target price of $186.46.

Insider Activity

In other news, Director Reuben S. Leibowitz bought 464 shares of the business's stock in a transaction on Tuesday, September 30th. The shares were bought at an average cost of $185.95 per share, with a total value of $86,280.80. Following the purchase, the director directly owned 58,659 shares in the company, valued at $10,907,641.05. This trade represents a 0.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Glyn Aeppel bought 208 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $38,677.60. Following the acquisition, the director directly owned 19,265 shares of the company's stock, valued at approximately $3,582,326.75. This represents a 1.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 2,163 shares of company stock worth $401,605. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Trading Up 0.3%

Simon Property Group stock opened at $185.58 on Monday. The firm has a market cap of $60.59 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 11.22 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 firm's 50 day moving average price is $176.78 and its two-hundred day moving average price is $165.51. 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 released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping 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 posted $2.90 EPS. The company's revenue was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, research analysts predict 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 was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were paid a $2.15 dividend. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a yield of 4.6%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is 132.92%.

Simon Property Group 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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