LGT Group Foundation Acquires 1,882 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• LGT Group Foundation increased its stake in Simon Property Group by 2.7%, acquiring an additional 1,882 shares, bringing its total holdings to 72,290 shares valued at approximately $12 million.
• Simon Property Group recently reported earnings of $3.05 per share for the last quarter, exceeding estimates, along with a 13.9% year-over-year revenue growth.
• The company announced a quarterly dividend increase to $2.15 per share, up from $2.10, resulting in an annual yield of 5.2%.

LGT Group Foundation increased its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,290 shares of the real estate investment trust's stock after purchasing an additional 1,882 shares during the period. LGT Group Foundation's holdings in Simon Property Group were worth $12,006,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SPG. Brighton Jones LLC acquired a new stake in Simon Property Group in the 4th quarter valued at $295,000. Rockefeller Capital Management L.P. grew its position in Simon Property Group by 2.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 94,711 shares of the real estate investment trust's stock valued at $16,306,000 after purchasing an additional 2,504 shares during the period. Townsquare Capital LLC grew its position in Simon Property Group by 2.1% in the 4th quarter. Townsquare Capital LLC now owns 27,685 shares of the real estate investment trust's stock valued at $4,768,000 after purchasing an additional 560 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in Simon Property Group in the 4th quarter valued at $431,000. Finally, Bragg Financial Advisors Inc acquired a new stake in Simon Property Group in the 4th quarter valued at $246,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Trading Up 0.2%

Shares of SPG opened at $165.32 on Tuesday. The business has a 50-day moving average of $162.49 and a 200 day moving average of $164.72. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13. The firm has a market cap of $53.96 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 11.03 and a beta of 1.48. 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 announced 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 company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm posted $2.90 EPS. The firm's revenue for the quarter 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 year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 5.2%. Simon Property Group's payout ratio is 129.83%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPG. 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 research report on Friday, May 23rd. Mizuho dropped their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Barclays began coverage on 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. LADENBURG THALM/SH SH began coverage on Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 price objective on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $182.64.

Insider Buying and Selling

In related news, Director Stefan M. Selig bought 219 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $34,884.51. Following the acquisition, the director directly owned 31,881 shares of the company's stock, valued at $5,078,324.49. This represents a 0.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $83,149.38. Following the acquisition, the director directly owned 58,195 shares in the company, valued at approximately $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 2,386 shares of company stock worth $380,066 in the last quarter. 8.60% of the stock is currently owned by company insiders.

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.

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