Mizuho Securities USA LLC Trims Stake in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Mizuho Securities USA LLC has reduced its stake in Simon Property Group by 15.5%, owning 24,557 shares valued at approximately $4.08 million after selling 4,511 shares in the first quarter.
• The company recently declared a quarterly dividend of $2.15, increasing from the previous $2.10, resulting in an annualized yield of 5.2%.
• Simon Property Group reported earnings of $3.05 EPS for the last quarter, exceeding analysts' expectations, with a revenue of $1.50 billion, which marks a 13.9% year-over-year increase.

Mizuho Securities USA LLC reduced its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 24,557 shares of the real estate investment trust's stock after selling 4,511 shares during the period. Mizuho Securities USA LLC's holdings in Simon Property Group were worth $4,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SPG. Brighton Jones LLC purchased a new stake in shares of Simon Property Group in the 4th quarter valued at about $295,000. Heritage Trust Co purchased a new stake in shares of Simon Property Group in the 4th quarter valued at about $780,000. Sterling Capital Management LLC lifted its holdings in shares of Simon Property Group by 10.0% in the 4th quarter. Sterling Capital Management LLC now owns 35,708 shares of the real estate investment trust's stock valued at $6,149,000 after purchasing an additional 3,247 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Simon Property Group by 2.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 94,711 shares of the real estate investment trust's stock valued at $16,306,000 after purchasing an additional 2,504 shares during the last quarter. Finally, Townsquare Capital LLC lifted its holdings in shares of Simon Property Group by 2.1% in the 4th quarter. Townsquare Capital LLC now owns 27,685 shares of the real estate investment trust's stock valued at $4,768,000 after purchasing an additional 560 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPG. Barclays began coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price for the company. Scotiabank lifted their target price 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. Stifel Nicolaus set a $179.00 target price on Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Piper Sandler dropped their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Finally, JPMorgan Chase & Co. dropped their target price on 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 issued a buy rating to the company. Based on data from MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and a consensus target price of $182.64.

Simon Property Group Stock Performance

NYSE SPG opened at $165.08 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.45 and a debt-to-equity ratio of 9.05. The business's 50 day moving average is $162.44 and its two-hundred day moving average is $164.86. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. The stock has a market capitalization of $53.89 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 11.03 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results 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. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%. The company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the firm posted $2.90 EPS. The firm's quarterly revenue was up 13.9% on a year-over-year basis. Research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is currently 132.92%.

Insiders Place Their Bets

In other news, Director Larry C. Glasscock purchased 396 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $63,078.84. Following the acquisition, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary M. Rodkin purchased 246 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the acquisition, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 2,386 shares of company stock worth $380,066. 8.66% of the stock is owned by insiders.

Simon Property Group 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.

Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG - Free Report).

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.