HighTower Advisors LLC Acquires 20,990 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• HighTower Advisors LLC increased its stake in Simon Property Group by 2.2%, owning approximately 956,469 shares valued at $158.85 million.
• Simon Property Group announced a dividend increase, rising from $2.10 to $2.15 per share, reflecting an annual yield of 5.2% and a payout ratio of 129.83%.
• Analysts have set various price targets for the stock, with a consensus price target of $182.64 and a mix of buy and hold ratings among equities research analysts.

HighTower Advisors LLC lifted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 956,469 shares of the real estate investment trust's stock after acquiring an additional 20,990 shares during the quarter. HighTower Advisors LLC owned approximately 0.29% of Simon Property Group worth $158,850,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of SPG. Colonial Trust Co SC increased its position in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the last quarter. Sumitomo Life Insurance Co. boosted its holdings in Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after acquiring an additional 70 shares during the period. Aspiriant LLC boosted its holdings in Simon Property Group by 1.3% during the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after acquiring an additional 74 shares during the period. DoubleLine ETF Adviser LP boosted its holdings in Simon Property Group by 0.3% during the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust's stock valued at $3,783,000 after acquiring an additional 75 shares during the period. Finally, HighPoint Advisor Group LLC boosted its holdings in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock valued at $544,000 after acquiring an additional 75 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Price Performance

SPG traded up $3.39 during midday trading on Wednesday, reaching $172.61. 1,660,271 shares of the company's stock were exchanged, compared to its average volume of 1,441,292. The firm has a market capitalization of $56.34 billion, a price-to-earnings ratio of 26.68, a price-to-earnings-growth ratio of 11.32 and a beta of 1.48. 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, Inc. has a one year low of $136.34 and a one year high of $190.13. The business has a 50-day simple moving average of $162.85 and a two-hundred day simple moving average of $164.81.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The firm had revenue of $1.50 billion during 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 company's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.90 earnings per share. 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a dividend yield of 5.0%. Simon Property Group's dividend payout ratio (DPR) is 129.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays assumed coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target for the company. Piper Sandler reduced their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Scotiabank increased their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research note on Tuesday, June 17th. Stifel Nicolaus set a $179.00 target price on shares of Simon Property Group and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $182.64.

Insider Activity at Simon Property Group

In other news, Director Gary M. Rodkin acquired 246 shares of the company's stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $39,185.34. Following the completion of the acquisition, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This represents a 1.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Reuben S. Leibowitz acquired 522 shares of the company's stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the acquisition, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This represents a 0.91% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 2,386 shares of company stock valued at $380,066. Insiders own 8.66% 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.