Rafferty Asset Management LLC Lowers Holdings in Simon Property Group, Inc. $SPG

Key Points

• Rafferty Asset Management LLC has reduced its stake in Simon Property Group, Inc. by 17.2%, now holding shares worth $5.55 million after selling 6,926 shares.
• Institutional investors own 93.01% of Simon Property Group's stock, with notable boosts in holdings from various firms during the 1st quarter of the year.
• Simon Property Group recently announced a quarterly dividend increase from $2.10 to $2.15 per share, representing a 4.8% dividend yield.

Rafferty Asset Management LLC lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,440 shares of the real estate investment trust's stock after selling 6,926 shares during the quarter. Rafferty Asset Management LLC's holdings in Simon Property Group were worth $5,554,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Simon Property Group in the 4th quarter worth $295,000. Kovitz Investment Group Partners LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $234,000. Lido Advisors LLC grew its stake in shares of Simon Property Group by 2.4% in the fourth quarter. Lido Advisors LLC now owns 15,908 shares of the real estate investment trust's stock worth $2,740,000 after purchasing an additional 377 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Simon Property Group in the fourth quarter worth about $113,000. Finally, Keel Point LLC increased its holdings in Simon Property Group by 5.7% during the 4th quarter. Keel Point LLC now owns 1,399 shares of the real estate investment trust's stock valued at $241,000 after purchasing an additional 76 shares during the period. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 0.9%

Shares of NYSE SPG traded up $1.59 during mid-day trading on Monday, hitting $180.95. 1,716,817 shares of the stock traded hands, compared to its average volume of 1,549,380. The company has a market cap of $59.08 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 10.94 and a beta of 1.50. The stock has a fifty day moving average price of $166.93 and a 200-day moving average price of $164.41. 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 posted 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. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company earned $2.90 earnings per share. The firm's quarterly revenue was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 9th. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 4.8%. Simon Property Group's payout ratio is presently 129.83%.

Insider Buying and Selling at Simon Property Group

In related news, Director Glyn Aeppel purchased 234 shares of the company's stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $37,273.86. Following the transaction, the director directly owned 19,057 shares in the company, valued at $3,035,589.53. This trade represents a 1.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stefan M. Selig purchased 219 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, for a total transaction of $34,884.51. Following the purchase, the director directly owned 31,881 shares in the company, valued at $5,078,324.49. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 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 Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Stifel Nicolaus set a $179.00 price objective on Simon Property Group and gave the stock a "buy" rating in a report on Tuesday, August 5th. Barclays began coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Piper Sandler reduced their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, 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 report on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $184.91.

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.