Magnetar Financial LLC Invests $1.02 Million in Simon Property Group, Inc. $SPG

Key Points

• Magnetar Financial LLC invested approximately $1.02 million in Simon Property Group, acquiring 6,149 shares during the first quarter.
• Simon Property Group declared a quarterly dividend of $2.15 per share, marking an increase from the previous quarter's $2.10, with a current yield of 4.8%.
• Institutional investors hold 93.01% of Simon Property Group's stock, highlighting strong confidence among financial entities in the company.

Magnetar Financial LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,149 shares of the real estate investment trust's stock, valued at approximately $1,021,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SPG. Colonial Trust Co SC increased its stake 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 purchasing an additional 57 shares during the period. Sumitomo Life Insurance Co. grew its holdings in shares of Simon Property Group by 1.6% in 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 purchasing an additional 70 shares in the last quarter. Aspiriant LLC increased its stake in Simon Property Group by 1.3% during the 1st quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock worth $972,000 after buying an additional 74 shares during the period. HighPoint Advisor Group LLC lifted its holdings in Simon Property Group by 2.2% during the 1st quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock worth $544,000 after buying an additional 75 shares in the last quarter. Finally, Keel Point LLC boosted its position in Simon Property Group by 5.7% in the 4th quarter. Keel Point LLC now owns 1,399 shares of the real estate investment trust's stock valued at $241,000 after buying an additional 76 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $83,149.38. Following the completion of the acquisition, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This represents a 0.91% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stefan M. Selig acquired 219 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 $34,884.51. Following the completion of the purchase, the director owned 31,881 shares in the company, valued at $5,078,324.49. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 2,428 shares of company stock valued at $387,271. 8.60% of the stock is owned by insiders.

Simon Property Group Stock Performance

NYSE:SPG traded up $1.67 during mid-day trading on Thursday, reaching $181.53. 1,166,934 shares of the stock were exchanged, compared to its average volume of 1,625,514. The stock has a market capitalization of $59.27 billion, a P/E ratio of 28.05, a P/E/G ratio of 10.94 and a beta of 1.50. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The company has a 50 day simple moving average of $168.19 and a 200-day simple moving average of $164.59. 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 (NYSE:SPG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $2.15 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SPG. Mizuho reduced 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. Piper Sandler reduced their price target on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Scotiabank boosted their price objective on Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. Truist Financial upped their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research note on Monday, August 25th. Finally, Barclays started coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $184.91.

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.