Meeder Asset Management Inc. Boosts Position in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Meeder Asset Management Inc. increased its stake in Simon Property Group by 2.0%, acquiring 3,310 shares, bringing its total ownership to 167,253 shares, which represents 1.9% of its portfolio.
• Simon Property Group reported $2.95 earnings per share for the quarter, exceeding analysts' expectations of $2.91, with revenue reaching $1.47 billion, up 2.1% year-over-year.
• The company declared a quarterly dividend of $2.10 per share, translating to an annualized payout of $8.40 and a yield of 5.08%, with a payout ratio of 133.76%.

Meeder Asset Management Inc. increased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,253 shares of the real estate investment trust's stock after buying an additional 3,310 shares during the period. Simon Property Group accounts for 1.9% of Meeder Asset Management Inc.'s holdings, making the stock its 12th biggest holding. Meeder Asset Management Inc. owned about 0.05% of Simon Property Group worth $27,777,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Park Square Financial Group LLC grew its holdings 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 buying an additional 81 shares during the last quarter. Richardson Financial Services Inc. raised its position 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 worth $28,000 after acquiring an additional 111 shares during the period. Continuum Advisory LLC raised its position 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 worth $32,000 after acquiring an additional 156 shares during the period. Colonial Trust Co SC raised its position in Simon Property Group by 37.5% in the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its position in shares of Simon Property Group by 77.2% in the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SPG shares. Stifel Nicolaus upped their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Mizuho dropped their price target on shares of 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. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 price target on the stock. Piper Sandler dropped their price target on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $182.73.

Simon Property Group Price Performance

SPG stock traded down $2.72 during midday trading on Friday, reaching $161.07. The company had a trading volume of 1,113,222 shares, compared to its average volume of 1,624,613. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The company has a market capitalization of $52.58 billion, a P/E ratio of 25.65, a P/E/G ratio of 11.17 and a beta of 1.43. The firm has a 50-day moving average price of $161.81 and a 200-day moving average price of $165.26.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a net margin of 35.98% and a return on equity of 67.32%. The firm's revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.56 EPS. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Monday, June 9th. Simon Property Group's dividend payout ratio (DPR) is 133.76%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 522 shares of the business's stock in a transaction 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 owned 58,195 shares in the company, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel C. Smith purchased 378 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $60,211.62. Following the completion of the purchase, the director directly owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. This trade represents a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 2,386 shares of company stock worth $380,066 over the last 90 days. 8.66% of the stock is currently owned by insiders.

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.