Invesco Ltd. Reduces Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Invesco Ltd. reduced its stake in Simon Property Group by 13.2%, now holding approximately $608 million worth of shares after selling 555,372 shares during the first quarter.
• Simon Property Group reported $3.05 earnings per share for the last quarter, slightly beating estimates, with a year-over-year revenue increase of 13.9% to $1.50 billion.
• The company has announced a quarterly dividend of $2.15 per share, up from its previous dividend of $2.10, reflecting an annualized yield of 5.2%.

Invesco Ltd. lowered its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 13.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,661,203 shares of the real estate investment trust's stock after selling 555,372 shares during the quarter. Invesco Ltd. owned 1.12% of Simon Property Group worth $608,053,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Farther Finance Advisors LLC grew its position in Simon Property Group by 31.1% in the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock worth $553,000 after acquiring an additional 789 shares in the last quarter. Golden State Wealth Management LLC grew its position in Simon Property Group by 193.5% in the first quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock worth $128,000 after acquiring an additional 509 shares in the last quarter. Brighton Jones LLC bought a new stake in Simon Property Group in the fourth quarter worth approximately $295,000. J.W. Cole Advisors Inc. bought a new stake in Simon Property Group in the first quarter worth approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in 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 in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SPG shares. Barclays initiated 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 objective for the company. Scotiabank increased their price target on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target for the company. Piper Sandler reduced their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Finally, Mizuho reduced their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $182.64.

Simon Property Group Price Performance

Shares of NYSE SPG traded up $3.39 during midday trading on Wednesday, hitting $172.61. 1,660,271 shares of the company's stock were exchanged, compared to its average volume of 1,631,249. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market cap of $56.34 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 11.05 and a beta of 1.48. The business's fifty day moving average price is $162.64 and its two-hundred day moving average price is $164.76.

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. 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 for the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the previous year, the firm earned $2.90 EPS. The business's quarterly revenue was up 13.9% on a year-over-year basis. As a group, research analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a $2.15 dividend. This represents a $8.60 annualized dividend and a yield of 5.0%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's dividend payout ratio is presently 132.92%.

Insiders Place Their Bets

In other news, Director Larry C. Glasscock bought 396 shares of the company's stock in a transaction 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 transaction, the director owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Reuben S. Leibowitz bought 522 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, for a total transaction of $83,149.38. Following the purchase, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This trade represents a 0.91% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,386 shares of company stock valued at $380,066. Company 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.