KLP Kapitalforvaltning AS Grows Stake in Simon Property Group, Inc. $SPG

Key Points

• KLP Kapitalforvaltning AS increased its stake in Simon Property Group, Inc. by 2.6% during Q2, now owning approximately 0.06% of the company, valued at about $30.2 million.
• Simon Property Group reported $3.05 EPS for the last quarter, slightly exceeding analysts' expectations, and revenue rose 13.9% year-over-year, reaching $1.5 billion.
• The company recently raised its quarterly dividend from $2.10 to $2.15, reflecting an annualized yield of 4.8%, despite a high payout ratio of 132.92%.

KLP Kapitalforvaltning AS raised its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,742 shares of the real estate investment trust's stock after purchasing an additional 4,700 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.06% of Simon Property Group worth $30,181,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Park Square Financial Group LLC increased its position 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 worth $26,000 after acquiring an additional 81 shares during the last quarter. Richardson Financial Services Inc. increased its position in shares of Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 111 shares during the last quarter. Continuum Advisory LLC increased 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 last quarter. WPG Advisers LLC bought a new stake in Simon Property Group in the first quarter valued at about $47,000. Finally, Grove Bank & Trust increased 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 last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Trading Down 0.1%

NYSE SPG opened at $178.91 on Wednesday. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year 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 capitalization of $58.41 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 10.85 and a beta of 1.50. The firm's fifty day simple moving average is $177.28 and its 200-day simple moving average is $165.72.

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. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were issued a $2.15 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is 132.92%.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock purchased 351 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $65,268.45. Following the completion of the acquisition, the director directly owned 43,536 shares in the company, valued at approximately $8,095,519.20. This trade represents a 0.81% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel C. Smith purchased 335 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was bought at an average cost of $185.95 per share, with a total value of $62,293.25. Following the acquisition, the director owned 32,333 shares of the company's stock, valued at $6,012,321.35. This represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,163 shares of company stock valued at $401,605 over the last quarter. Company insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Argus reissued a "buy" rating and issued a $185.00 price objective on shares of Simon Property Group in a report on Friday, September 5th. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective for the company. Evercore ISI reissued an "in-line" rating and issued a $187.00 price objective (up from $183.00) on shares of Simon Property Group in a report on Monday, September 15th. Truist Financial upped their target price on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Finally, Stifel Nicolaus cut Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target on the stock. in a research report on Tuesday, September 2nd. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Simon Property Group presently has an average rating of "Hold" and an average target price of $187.23.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.