Novem Group Takes Position in Simon Property Group, Inc. $SPG

Novem Group purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,077 shares of the real estate investment trust's stock, valued at approximately $977,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPG. Park Square Financial Group LLC lifted its position in Simon Property Group by 108.0% during the 1st 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 position in Simon Property Group by 185.0% during the 1st 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 position in Simon Property Group by 421.6% during the 1st 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. AdvisorNet Financial Inc lifted its position in Simon Property Group by 77.2% during the 1st 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. Finally, WPG Advisers LLC acquired a new position in Simon Property Group during the 1st quarter worth about $47,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Buying and Selling

In related news, Director Stefan M. Selig purchased 219 shares of the 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 $34,884.51. Following the purchase, the director directly owned 31,881 shares in the company, valued at $5,078,324.49. The trade was a 0.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Larry C. Glasscock purchased 396 shares of the 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 $63,078.84. Following the completion of the purchase, the director owned 43,185 shares in the company, valued at $6,878,938.65. The trade was a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 2,428 shares of company stock worth $387,271 over the last quarter. Insiders own 8.66% of the company's stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $185.29 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 stock has a market cap of $60.50 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 11.06 and a beta of 1.50. The stock has a 50-day moving average of $174.72 and a 200-day moving average of $164.72. Simon Property Group, Inc. has a one year low of $136.34 and a one 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 EPS for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.Simon Property Group's revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, sell-side analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The business 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 is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.6%. Simon Property Group's dividend payout ratio (DPR) is currently 132.92%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPG. Scotiabank upped their price target on shares of Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. Piper Sandler boosted their price objective on Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. JPMorgan Chase & Co. boosted their price objective on Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Truist Financial boosted their price objective on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a report on Monday, August 25th. Finally, LADENBURG THALM/SH SH started coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $186.46.

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.

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