New Insight Wealth Advisors Sells 3,992 Shares of Simon Property Group, Inc. $SPG

Key Points

• New Insight Wealth Advisors reduced its stake in Simon Property Group by 11.9%, selling 3,992 shares, and now holds 29,558 shares worth approximately $4.75 million.
• Insider activity showed that Director Reuben S. Leibowitz purchased 522 shares at around $159.29 per share, albeit corporate insiders own 8.66% of the company.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, reflecting a 4.7% yield and up from the previous dividend of $2.10.

New Insight Wealth Advisors lessened its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 11.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,558 shares of the real estate investment trust's stock after selling 3,992 shares during the quarter. Simon Property Group comprises approximately 2.0% of New Insight Wealth Advisors' investment portfolio, making the stock its 15th biggest holding. New Insight Wealth Advisors' holdings in Simon Property Group were worth $4,752,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Park Square Financial Group LLC increased its holdings 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 purchasing an additional 81 shares in the last quarter. Richardson Financial Services Inc. boosted its position in Simon Property Group by 185.0% in the 1st 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 last quarter. Continuum Advisory LLC increased its stake in shares of Simon Property Group by 421.6% in the 1st 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. AdvisorNet Financial Inc raised its position in shares of Simon Property Group by 77.2% during the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 95 shares during the last quarter. Finally, WPG Advisers LLC bought a new stake in shares of Simon Property Group during the first quarter worth $47,000. 93.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 522 shares of the business's stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the purchase, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary M. Rodkin purchased 246 shares of the firm's 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 $39,185.34. Following the completion of the purchase, the director directly owned 19,010 shares in the company, valued at approximately $3,028,102.90. This 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 purchased 2,428 shares of company stock valued at $387,271. Corporate insiders own 8.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SPG. Scotiabank raised their price target 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. Evercore ISI reaffirmed an "in-line" rating and issued a $187.00 target price (up previously from $183.00) on shares of Simon Property Group in a research note on Monday, September 15th. Morgan Stanley lifted their price target on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 11th. Truist Financial increased their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Finally, Barclays assumed coverage on shares of Simon Property Group in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $186.46.

Simon Property Group Stock Down 0.3%

Shares of Simon Property Group stock opened at $182.56 on Friday. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market capitalization of $59.60 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 11.09 and a beta of 1.50. The business has a 50-day moving average of $174.27 and a two-hundred day moving average of $164.57. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13.

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 firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm posted $2.90 earnings per share. The business'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. As a group, equities analysts predict 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. Shareholders 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 represents a $8.60 annualized dividend and a dividend yield of 4.7%. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is 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.

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