Northern Trust Corp Purchases 96,126 Shares of Simon Property Group, Inc. $SPG

Key Points

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Northern Trust Corp raised its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,558,982 shares of the real estate investment trust's stock after buying an additional 96,126 shares during the period. Northern Trust Corp owned about 1.70% of Simon Property Group worth $923,236,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPG. Park Square Financial Group LLC raised its stake in 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 buying an additional 81 shares during the period. Richardson Financial Services Inc. raised its stake in 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 valued at $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC raised its stake in 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 valued at $32,000 after buying an additional 156 shares during the period. Colonial Trust Co SC raised its stake in 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 valued at $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc raised its stake in 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 valued at $36,000 after buying an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on SPG. Scotiabank upped their price objective 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. Mizuho reduced their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Barclays assumed coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. upped their price objective on Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a report on Friday. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $183.00.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 522 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were bought 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 in the company, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary M. Rodkin purchased 246 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the purchase, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 2,428 shares of company stock worth $387,271. 8.66% of the stock is owned by company insiders.

Simon Property Group Price Performance

Simon Property Group stock traded up $2.9910 during mid-day trading on Friday, reaching $176.4210. 1,313,711 shares of the company were exchanged, compared to its average volume of 1,620,558. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a fifty day simple moving average of $164.41 and a 200-day simple moving average of $164.75. 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 firm has a market cap of $57.60 billion, a PE ratio of 27.27, a PEG ratio of 10.53 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last issued 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. 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 analyst estimates of $1.40 billion. During the same quarter last year, the company posted $2.90 EPS. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared 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. This represents a $8.60 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend 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.