Promethium Advisors LLC Has $373,000 Stock Holdings in Simon Property Group, Inc. $SPG

Key Points

• Promethium Advisors LLC has reduced its holdings in Simon Property Group by 77.7%, selling 7,824 shares and holding only 2,244 shares valued at $373,000.
• Simon Property Group recently announced an increase in its quarterly dividend to $2.15 per share, representing a 4.8% dividend yield, effective from September 30th.
• Institutional investors own 93.01% of Simon Property Group, indicating a high level of institutional confidence in the company.

Promethium Advisors LLC lessened its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 77.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,244 shares of the real estate investment trust's stock after selling 7,824 shares during the period. Promethium Advisors LLC's holdings in Simon Property Group were worth $373,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Simon Property Group in the first quarter worth about $724,937,000. Principal Financial Group Inc. boosted its holdings in Simon Property Group by 133.0% in the first quarter. Principal Financial Group Inc. now owns 3,206,458 shares of the real estate investment trust's stock valued at $532,529,000 after purchasing an additional 1,830,264 shares during the last quarter. Resolution Capital Ltd purchased a new position in Simon Property Group in the fourth quarter valued at about $212,592,000. Massachusetts Financial Services Co. MA purchased a new position in Simon Property Group in the first quarter valued at about $197,377,000. Finally, GAMMA Investing LLC boosted its holdings in Simon Property Group by 16,346.0% in the first quarter. GAMMA Investing LLC now owns 876,736 shares of the real estate investment trust's stock valued at $145,608,000 after purchasing an additional 871,405 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target for the company. Truist Financial upped their price objective on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research note on Monday, August 25th. Mizuho cut their price objective on 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. Barclays began coverage on Simon Property Group in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price objective on the stock. Finally, 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 note on Friday, August 22nd. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Simon Property Group presently has an average rating of "Hold" and an average price target of $184.92.

Simon Property Group Stock Performance

SPG stock traded up $0.53 on Friday, reaching $182.05. The company's stock had a trading volume of 1,829,523 shares, compared to its average volume of 1,488,531. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The company has a market capitalization of $59.44 billion, a P/E ratio of 28.14, a price-to-earnings-growth ratio of 10.99 and a beta of 1.50. The firm has a fifty day moving average of $169.04 and a two-hundred day moving average of $164.54. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the firm earned $2.90 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, analysts predict 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. Stockholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. 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 4.7%. Simon Property Group's payout ratio is 129.83%.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 522 shares of Simon Property Group 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 $83,149.38. Following the purchase, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary M. Rodkin acquired 246 shares of Simon Property Group 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 purchase, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock worth $387,271 in the last quarter. Company insiders own 8.66% of the company's stock.

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.