MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 22,283 Shares of Simon Property Group, Inc. $SPG

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Simon Property Group by 60.2%, now owning 59,308 shares valued at approximately $9.84 million.
• Simon Property Group recently declared a quarterly dividend of $2.15 per share, raising the annual yield to 4.8%, up from the previous dividend of $2.10.
• The company's latest earnings report showed a 13.9% year-over-year revenue increase to $1.50 billion, with earnings per share of $3.05, surpassing analysts' expectations.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 60.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,308 shares of the real estate investment trust's stock after purchasing an additional 22,283 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Simon Property Group were worth $9,840,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Sumitomo Life Insurance Co. raised its holdings in shares of Simon Property Group by 1.6% during the 1st 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 raised its holdings in shares of 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 valued at $972,000 after purchasing an additional 74 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of 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 valued at $544,000 after purchasing an additional 75 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Simon Property Group by 5.9% during the 1st quarter. Moody National Bank Trust Division now owns 1,394 shares of the real estate investment trust's stock valued at $232,000 after purchasing an additional 78 shares in the last quarter. Finally, Freedom Investment Management Inc. raised its holdings in shares of Simon Property Group by 3.7% during the 1st quarter. Freedom Investment Management Inc. now owns 2,174 shares of the real estate investment trust's stock valued at $361,000 after purchasing an additional 78 shares in the last quarter. Institutional investors own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut 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 research note on Tuesday, September 2nd. Scotiabank boosted their price objective on shares of Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 28th. Argus restated a "buy" rating and issued a $185.00 price objective on shares of Simon Property Group in a research note on Friday, September 5th. Truist Financial boosted their price objective 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, JPMorgan Chase & Co. boosted their target price on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $184.54.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Daniel C. Smith acquired 378 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $60,211.62. Following the acquisition, the director owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. The trade was a 1.20% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reuben S. Leibowitz acquired 522 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost 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 trade represents a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 2,428 shares of company stock worth $387,271 in the last ninety days. Company insiders own 8.66% of the company's stock.

Simon Property Group Stock Performance

SPG stock traded down $1.23 on Friday, reaching $182.68. 1,547,320 shares of the company were exchanged, compared to its average volume of 1,638,808. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The stock's fifty day moving average price is $170.41 and its 200 day moving average price is $164.43. The firm has a market capitalization of $59.64 billion, a PE ratio of 28.23, a PEG ratio of 11.14 and a beta of 1.50. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS 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. Stockholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is 132.92%.

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.