MetLife Investment Management LLC Sells 1,802 Shares of Simon Property Group, Inc. $SPG

Key Points

• MetLife Investment Management LLC reduced its stake in Simon Property Group by 1.9%, selling 1,802 shares during the first quarter, leaving it with 92,322 shares worth $15.33 million.
• Insider buying included 378 shares purchased by Director Daniel C. Smith and 522 shares bought by Director Reuben S. Leibowitz, indicating continued confidence in the company.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, raising the annualized dividend to $8.60, reflecting a 4.9% yield.

MetLife Investment Management LLC cut its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,322 shares of the real estate investment trust's stock after selling 1,802 shares during the quarter. MetLife Investment Management LLC's holdings in Simon Property Group were worth $15,333,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Park Square Financial Group LLC raised its stake in shares of Simon Property Group by 108.0% in 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 period. Richardson Financial Services Inc. raised its stake in shares of 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 raised its stake in shares of 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. Colonial Trust Co SC raised its stake in shares of 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 valued at $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its stake 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 buying an additional 95 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the completion of the transaction, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Reuben S. Leibowitz acquired 522 shares of the business's stock in a transaction dated Monday, June 30th. The stock was 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 approximately $9,269,881.55. This represents a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders bought 2,428 shares of company stock valued at $387,271 over the last 90 days. Insiders own 8.60% of the company's stock.

Simon Property Group Price Performance

Simon Property Group stock opened at $176.6810 on Tuesday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The business has a 50-day simple moving average of $165.18 and a 200 day simple moving average of $164.54. 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 stock has a market cap of $57.68 billion, a price-to-earnings ratio of 27.31, a PEG ratio of 10.67 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS 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 business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the previous year, the business earned $2.90 earnings per share. The firm's 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. On average, research analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 4.9%. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SPG shares. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the company a "buy" rating in a research note on Tuesday, August 5th. Scotiabank boosted their price objective on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a research note on Tuesday, June 17th. JPMorgan Chase & Co. boosted their price objective on Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a research note on Friday. Piper Sandler decreased their price objective on 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, Barclays started 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. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Simon Property Group currently has an average rating of "Hold" and a consensus price target of $184.00.

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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