MGO One Seven LLC Sells 23,880 Shares of Simon Property Group, Inc. $SPG

Key Points

• MGO One Seven LLC significantly decreased its holdings in Simon Property Group by selling 23,880 shares, reducing its stake by 89.4% to just 2,839 shares, valued at approximately $456,000.
• Other institutional investors, including Vanguard Group and JPMorgan Chase, have increased their stakes in Simon Property Group, demonstrating continued interest from large investors.
• Simon Property Group increased its quarterly dividend from $2.10 to $2.15 per share, reflecting a commitment to returning value to shareholders despite a high dividend payout ratio of 132.92%.

MGO One Seven LLC lowered its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 89.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,839 shares of the real estate investment trust's stock after selling 23,880 shares during the period. MGO One Seven LLC's holdings in Simon Property Group were worth $456,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPG. Vanguard Group Inc. increased its stake in shares of Simon Property Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust's stock worth $7,588,195,000 after purchasing an additional 267,503 shares during the last quarter. Northern Trust Corp increased its position in Simon Property Group by 1.8% during the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock worth $923,236,000 after buying an additional 96,126 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Simon Property Group by 3.0% during the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock valued at $805,853,000 after buying an additional 141,657 shares in the last quarter. Nuveen LLC bought a new position in Simon Property Group during the first quarter valued at about $724,937,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Simon Property Group by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock worth $608,086,000 after buying an additional 23,873 shares during the last quarter. Institutional investors own 93.01% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on SPG shares. Scotiabank increased their price objective on Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a report on Thursday, August 28th. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price target on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Simon Property Group in a research report on Tuesday, October 14th. Stifel Nicolaus downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective for the company. in a report on Tuesday, September 2nd. Finally, Morgan Stanley lifted their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a report on Thursday, September 11th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $187.31.

Insiders Place Their Bets

In other news, Director Stefan M. Selig bought 195 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, with a total value of $36,260.25. Following the completion of the transaction, the director directly owned 32,076 shares in the company, valued at $5,964,532.20. This represents a 0.61% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel C. Smith purchased 335 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average price of $185.95 per share, for a total transaction of $62,293.25. Following the completion of the purchase, the director directly owned 32,333 shares of the company's stock, valued at approximately $6,012,321.35. This trade represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 2,163 shares of company stock valued at $401,605 in the last quarter. 8.66% of the stock is currently owned by insiders.

Simon Property Group Stock Up 0.8%

Shares of SPG stock opened at $178.23 on Friday. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. 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 firm has a market cap of $58.19 billion, a PE ratio of 27.55, a price-to-earnings-growth ratio of 13.06 and a beta of 1.50. The stock has a 50 day moving average of $179.20 and a 200-day moving average of $166.31.

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 (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. Simon Property Group's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the company posted $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were given a dividend of $2.15 per share. 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 currently 132.92%.

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.

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.