Plato Investment Management Ltd Cuts Stake in Simon Property Group, Inc. $SPG

Key Points

• Plato Investment Management Ltd has reduced its stake in Simon Property Group by 17.3%, bringing its holdings down to 17,271 shares valued at approximately $2.9 million.
• Several hedge funds have recently made changes to their positions, with notable increases including CoreCap Advisors LLC raising its stake by 29.2%.
• Simon Property Group announced a dividend increase to $2.15 per share, up from $2.10, reflecting an annualized yield of 4.8%.

Plato Investment Management Ltd cut its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 17.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 17,271 shares of the real estate investment trust's stock after selling 3,621 shares during the period. Plato Investment Management Ltd's holdings in Simon Property Group were worth $2,899,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Simon Property Group during the fourth quarter valued at $295,000. CoreCap Advisors LLC raised its position in Simon Property Group by 29.2% in the 4th quarter. CoreCap Advisors LLC now owns 906 shares of the real estate investment trust's stock worth $156,000 after buying an additional 205 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Simon Property Group by 1.5% during the 4th quarter. Lazard Asset Management LLC now owns 96,745 shares of the real estate investment trust's stock valued at $16,659,000 after acquiring an additional 1,441 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Simon Property Group by 4.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,025 shares of the real estate investment trust's stock valued at $6,367,000 after acquiring an additional 1,505 shares during the period. Finally, NorthRock Partners LLC boosted its holdings in shares of Simon Property Group by 116.5% during the 4th quarter. NorthRock Partners LLC now owns 4,531 shares of the real estate investment trust's stock valued at $780,000 after acquiring an additional 2,438 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SPG shares. Scotiabank raised their target price on shares of Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. 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 research report on Friday, August 22nd. Argus reissued a "buy" rating and issued a $185.00 target price on shares of Simon Property Group in a research report on Friday, September 5th. Mizuho reduced their price target on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research report on Tuesday, June 10th. Finally, LADENBURG THALM/SH SH began coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $184.92.

Insiders Place Their Bets

In related news, Director Daniel C. Smith acquired 378 shares of the business's stock in a transaction on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $60,211.62. Following the acquisition, the director directly owned 31,998 shares in the company, valued at $5,096,961.42. This represents a 1.20% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gary M. Rodkin bought 246 shares of the stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the acquisition, the director directly owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This represents a 1.31% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,428 shares of company stock valued at $387,271. Insiders own 8.60% of the company's stock.

Simon Property Group Price Performance

NYSE SPG opened at $179.41 on Wednesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The stock has a market cap of $58.58 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 11.05 and a beta of 1.50. The company's 50 day moving average is $169.78 and its two-hundred day moving average is $164.33.

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

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued 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 132.92%.

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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