Janney Montgomery Scott LLC Buys 61,505 Shares of Simon Property Group, Inc. $SPG

Key Points

• Janney Montgomery Scott LLC has increased its stake in Simon Property Group by 87.5%, now owning 131,791 shares valued at approximately $21.19 million.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, representing a 4.6% yield annually.
• Wall Street analysts have given Simon Property Group a mixed outlook, with price targets ranging from $169.00 to $225.00, indicating a general preference to hold the stock.

Janney Montgomery Scott LLC increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 87.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,791 shares of the real estate investment trust's stock after purchasing an additional 61,505 shares during the quarter. Janney Montgomery Scott LLC's holdings in Simon Property Group were worth $21,187,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Park Square Financial Group LLC grew its stake in shares of Simon Property Group by 108.0% during the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 81 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in Simon Property Group by 185.0% in the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC lifted its holdings in Simon Property Group by 421.6% in the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares during the period. WPG Advisers LLC acquired a new position in Simon Property Group in the first quarter valued at approximately $47,000. Finally, Grove Bank & Trust lifted its holdings in Simon Property Group by 231.3% in the first quarter. Grove Bank & Trust now owns 381 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 266 shares during the period. 93.01% of the stock is owned by institutional investors.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Stefan M. Selig purchased 195 shares of the stock in a transaction on Tuesday, September 30th. The shares were purchased at an average cost of $185.95 per share, for a total transaction of $36,260.25. Following the purchase, the director owned 32,076 shares of the company's stock, valued at approximately $5,964,532.20. This represents a 0.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel C. Smith purchased 335 shares of the stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, for a total transaction of $62,293.25. Following the completion of the purchase, the director directly owned 32,333 shares in the company, valued at approximately $6,012,321.35. The trade was a 1.05% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 2,163 shares of company stock worth $401,605. 8.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SPG has been the topic of several analyst reports. Truist Financial increased their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Scotiabank increased their price objective on shares of Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a report on Thursday, August 28th. 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 objective on the stock. Morgan Stanley increased their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, September 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $186.46.

Simon Property Group Trading Down 0.4%

Shares of NYSE:SPG opened at $185.05 on Friday. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 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. The company's fifty day simple moving average is $176.41 and its 200 day simple moving average is $165.35. The firm has a market cap of $60.42 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 11.25 and a beta of 1.50.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data 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 net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $2.90 earnings per share. The firm's quarterly revenue was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were given a $2.15 dividend. This represents a $8.60 dividend on an annualized basis and a yield of 4.6%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend was Tuesday, September 9th. Simon Property Group's payout ratio is 132.92%.

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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