Simon Property Group, Inc. $SPG Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Simon Property Group by 9.6%, selling 350,307 shares during the first quarter, bringing its total holding to approximately 3.3 million shares.
• Analysts have a consensus rating of "Hold" for Simon Property Group, with a current price target averaging $183 after various adjustments by firms like Scotiabank and JPMorgan.
• Simon Property Group recently announced an increase in its quarterly dividend to $2.15 per share, representing an annualized yield of 4.9%.

Price T Rowe Associates Inc. MD reduced its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,303,117 shares of the real estate investment trust's stock after selling 350,307 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.01% of Simon Property Group worth $548,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPG. Park Square Financial Group LLC lifted its stake in shares of Simon Property Group by 108.0% in 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 shares of Simon Property Group by 185.0% in the first 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 stake in shares of Simon Property Group by 421.6% in the first 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. 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 buying an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in shares of Simon Property Group by 77.2% in the first 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. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.4%

Shares of Simon Property Group stock traded up $0.68 on Tuesday, reaching $177.09. The company had a trading volume of 2,020,109 shares, compared to its average volume of 1,621,715. The firm's 50 day moving average price is $165.18 and its two-hundred day moving average price is $164.54. The firm has a market cap of $57.82 billion, a PE ratio of 27.37, a PEG ratio of 10.67 and a beta of 1.48. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion for 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 business's revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Sell-side analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal 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 positive change 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 4.9%. Simon Property Group's payout ratio is presently 129.83%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho decreased their price target 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. Truist Financial lifted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research note on Monday. Stifel Nicolaus set a $179.00 target price on shares of Simon Property Group and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Piper Sandler reduced their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Finally, Scotiabank lifted their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research note on Tuesday, June 17th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $184.00.

Insiders Place Their Bets

In related news, Director Glyn Aeppel purchased 234 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, with a total value of $37,273.86. Following the purchase, the director owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Reuben S. Leibowitz purchased 522 shares of Simon Property Group 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 $83,149.38. Following the completion of the purchase, the director directly owned 58,195 shares in the company, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 2,428 shares of company stock worth $387,271. Insiders own 8.60% of the company's stock.

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.