Parnassus Investments LLC Sells 48,326 Shares of Simon Property Group, Inc. $SPG

Key Points

• Parnassus Investments LLC reduced its holdings in Simon Property Group, Inc. by 6.7% in Q1, decreasing to 670,528 shares valued at approximately $111.36 million after selling 48,326 shares.
• Simon Property Group recently increased its quarterly dividend to $2.15 per share, reflecting an annualized payout of $8.60 and a yield of 4.8%, which is an uptick from the previous dividend of $2.10.
• Wall Street analysts have a consensus rating of "Hold" for Simon Property Group's stock, with a consensus price target of approximately $184.91.

Parnassus Investments LLC lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 6.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 670,528 shares of the real estate investment trust's stock after selling 48,326 shares during the quarter. Parnassus Investments LLC owned about 0.21% of Simon Property Group worth $111,361,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Park Square Financial Group LLC grew its position in Simon Property Group by 108.0% during the first 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 stake in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 111 shares during the last quarter. Continuum Advisory LLC lifted its stake in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 156 shares during the last quarter. Colonial Trust Co SC lifted its stake in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 57 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in 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 purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 522 shares of the stock in a transaction dated Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Glyn Aeppel acquired 234 shares of the stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $37,273.86. Following the completion of the transaction, the director owned 19,057 shares in the company, valued at approximately $3,035,589.53. This represents a 1.24% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 2,428 shares of company stock valued at $387,271 over the last three months. 8.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a research note on Friday, July 18th. They set a "buy" rating and a $225.00 target price for the company. Scotiabank raised their price target on shares of Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a research note on Thursday. Truist Financial upped their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research report on Monday, August 25th. 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 objective for the company. Finally, Mizuho decreased their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $184.91.

Simon Property Group Trading Up 0.9%

SPG traded up $1.59 during midday trading on Monday, hitting $180.95. 1,716,817 shares of the company were exchanged, compared to its average volume of 1,549,380. The firm's 50 day moving average price is $166.93 and its 200-day moving average price is $164.41. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The firm has a market capitalization 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. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The firm's revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, equities analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a dividend of $2.15 per share. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's payout ratio is 129.83%.

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.