Simon Property Group, Inc. $SPG Position Cut by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. reduced its holdings in Simon Property Group by 12.8%, owning approximately 0.27% of the company, valued at $145.25 million.
• Simon Property Group's quarterly dividend was increased to $2.15 per share, representing a 4.8% annual yield, with a payout ratio of 129.83%.
• The stock is rated as a "Hold" with a consensus price target of $184.91, following various analysts adjusting their price targets and ratings.

Panagora Asset Management Inc. decreased its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 874,571 shares of the real estate investment trust's stock after selling 128,920 shares during the quarter. Simon Property Group makes up 0.7% of Panagora Asset Management Inc.'s portfolio, making the stock its 27th biggest position. Panagora Asset Management Inc. owned 0.27% of Simon Property Group worth $145,249,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. 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 acquiring an additional 57 shares in the last quarter. Sumitomo Life Insurance Co. lifted 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 worth $743,000 after acquiring an additional 70 shares in the last quarter. Aspiriant LLC lifted 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 worth $972,000 after acquiring an additional 74 shares in the last quarter. DoubleLine ETF Adviser LP lifted its stake in shares of Simon Property Group by 0.3% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,970 shares of the real estate investment trust's stock worth $3,783,000 after acquiring an additional 75 shares in the last quarter. Finally, HighPoint Advisor Group LLC lifted its stake in shares of Simon Property Group by 2.2% in the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock worth $544,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SPG shares. Truist Financial boosted their price target on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research note on Monday, August 25th. Scotiabank boosted their price target on Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research note on Thursday. JPMorgan Chase & Co. boosted 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, August 22nd. Mizuho lowered their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Finally, Piper Sandler lowered their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $184.91.

Insider Activity at Simon Property Group

In related news, Director Daniel C. Smith bought 378 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 $60,211.62. Following the completion of the acquisition, the director owned 31,998 shares of the company's stock, valued at $5,096,961.42. This trade represents a 1.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary M. Rodkin bought 246 shares of the stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the acquisition, the director directly owned 19,010 shares of the company's stock, 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 three months, insiders purchased 2,428 shares of company stock valued at $387,271. 8.60% of the stock is owned by insiders.

Simon Property Group Stock Up 0.9%

Simon Property Group stock traded up $1.59 during midday trading on Monday, hitting $180.95. The stock had a trading volume of 1,716,817 shares, compared to its average volume of 1,549,380. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The stock has a market cap of $59.08 billion, a P/E ratio of 27.97, a P/E/G ratio of 10.94 and a beta of 1.50. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The business has a fifty day moving average price of $167.37 and a 200 day moving average price of $164.38.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its 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 company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. This represents a $8.60 annualized dividend and a dividend yield of 4.8%. 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. Simon Property Group's dividend payout ratio is currently 129.83%.

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.