Old Port Advisors Makes New $834,000 Investment in Simon Property Group, Inc. $SPG

Old Port Advisors bought a new position in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,189 shares of the real estate investment trust's stock, valued at approximately $834,000.

Several other hedge funds have also recently bought and sold shares of SPG. Great Lakes Advisors LLC increased its stake in shares of Simon Property Group by 3.7% in the first quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock valued at $317,000 after purchasing an additional 68 shares during the period. Wedmont Private Capital increased its stake in shares of Simon Property Group by 1.0% in the second quarter. Wedmont Private Capital now owns 7,040 shares of the real estate investment trust's stock valued at $1,147,000 after purchasing an additional 68 shares during the period. PFS Partners LLC increased its stake in shares of Simon Property Group by 13.6% in the second quarter. PFS Partners LLC now owns 568 shares of the real estate investment trust's stock valued at $91,000 after purchasing an additional 68 shares during the period. Sumitomo Life Insurance Co. increased its stake in shares of Simon Property Group by 1.6% in the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after purchasing an additional 70 shares during the period. Finally, Aspiriant LLC increased its stake in shares of Simon Property Group by 1.3% in the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Gary M. Rodkin bought 246 shares of the business's stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the transaction, the director directly owned 19,010 shares in the company, valued at $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry C. Glasscock bought 396 shares of the business's stock in a transaction on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the transaction, the director owned 43,185 shares in the company, valued at approximately $6,878,938.65. This represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 2,428 shares of company stock worth $387,271 in the last quarter. Corporate insiders own 8.66% of the company's stock.

Simon Property Group Trading Up 1.5%

Shares of NYSE:SPG opened at $185.29 on Friday. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $60.50 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 11.06 and a beta of 1.50. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The company has a 50 day moving average price of $174.72 and a 200 day moving average price of $164.72.

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 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal 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 given a $2.15 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 4.6%. Simon Property Group's payout ratio is currently 132.92%.

Analysts Set New Price Targets

Several equities research analysts have commented on SPG shares. Evercore ISI restated an "in-line" rating and issued a $187.00 price target (up previously from $183.00) on shares of Simon Property Group in a research note on Monday, September 15th. Barclays initiated 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 target on the stock. Morgan Stanley increased their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, September 11th. LADENBURG THALM/SH SH began coverage on Simon Property Group in a report on Friday, July 18th. They set a "buy" rating and a $225.00 target price on the stock. Finally, Argus reissued a "buy" rating and set a $185.00 target price on shares of Simon Property Group in a report on Friday, September 5th. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, Simon Property Group has an average rating of "Hold" and a consensus target price of $186.46.

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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