National Pension Service Boosts Stake in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• The National Pension Service increased its stake in Simon Property Group (SPG) by 8.6%, holding approximately 0.30% of the company, worth $161.88 million after acquiring 76,933 additional shares.
• Simon Property Group announced a quarterly dividend of $2.15, an increase from the previous $2.10, reflecting a positive shift in their dividend policy.
• The company's latest earnings report showed a net revenue of $1.50 billion, outperforming analysts' expectations, with earnings per share of $3.05.

National Pension Service lifted its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 974,697 shares of the real estate investment trust's stock after buying an additional 76,933 shares during the period. National Pension Service owned approximately 0.30% of Simon Property Group worth $161,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Square Financial Group LLC lifted 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 worth $26,000 after buying an additional 81 shares in the last quarter. Richardson Financial Services Inc. lifted 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 worth $28,000 after buying an additional 111 shares in the last quarter. Continuum Advisory LLC lifted 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 worth $32,000 after buying an additional 156 shares in the last quarter. Colonial Trust Co SC lifted 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 worth $36,000 after buying an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted 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 worth $36,000 after buying an additional 95 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Price Performance

Shares of SPG opened at $172.61 on Thursday. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The stock has a market cap of $56.34 billion, a PE ratio of 26.68, a P/E/G ratio of 11.32 and a beta of 1.48. The firm has a 50-day simple moving average of $162.85 and a two-hundred day simple moving average of $164.81. 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 for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the business earned $2.90 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current 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 paid a $2.15 dividend. 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. This represents a $8.60 annualized dividend and a dividend yield of 5.0%. Simon Property Group's payout ratio is 129.83%.

Insiders Place Their Bets

In other Simon Property Group news, Director Larry C. Glasscock acquired 396 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $159.29 per share, with a total value of $63,078.84. Following the completion of the purchase, the director owned 43,185 shares in the company, valued at $6,878,938.65. This trade represents a 0.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel C. Smith acquired 378 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $60,211.62. Following the purchase, the director 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 2,386 shares of company stock valued at $380,066. 8.66% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on SPG. Mizuho decreased 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 began coverage on shares of Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Scotiabank raised their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Piper Sandler cut their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Finally, Barclays began coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective for the company. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $182.64.

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.

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