Raymond James Financial Inc. Acquires 25,170 Shares of Simon Property Group, Inc. $SPG

Key Points

• Raymond James Financial Inc. increased its stake in Simon Property Group by 5.5%, acquiring an additional 25,170 shares, bringing its total ownership to 480,385 shares worth approximately $79.78 million.
• Multiple large institutional investors have also adjusted their positions in Simon Property Group, with significant increases from firms like Marshall Wace LLP and First Trust Advisors LP during the fourth quarter.
• Simon Property Group recently increased its quarterly dividend from $2.10 to $2.15, indicating financial strength and a commitment to returning value to shareholders, with a current annualized yield of 4.9%.

Raymond James Financial Inc. raised its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 480,385 shares of the real estate investment trust's stock after buying an additional 25,170 shares during the period. Raymond James Financial Inc. owned about 0.15% of Simon Property Group worth $79,782,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in SPG. Brighton Jones LLC bought a new position in shares of Simon Property Group in the fourth quarter valued at $295,000. Marshall Wace LLP boosted its position in shares of Simon Property Group by 243.6% during the fourth quarter. Marshall Wace LLP now owns 12,549 shares of the real estate investment trust's stock valued at $2,161,000 after buying an additional 8,897 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Simon Property Group by 23.9% during the fourth quarter. First Trust Advisors LP now owns 143,564 shares of the real estate investment trust's stock valued at $24,723,000 after buying an additional 27,650 shares during the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Simon Property Group by 1.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 45,688 shares of the real estate investment trust's stock valued at $7,867,000 after buying an additional 772 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Simon Property Group by 2.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,653,424 shares of the real estate investment trust's stock valued at $629,158,000 after buying an additional 81,359 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPG has been the topic of several analyst reports. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research report on Friday, July 18th. They set a "buy" rating and a $225.00 target price on the stock. Scotiabank upped their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Stifel Nicolaus set a $179.00 price objective on shares of Simon Property Group and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Barclays began coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, May 22nd. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Simon Property Group presently has a consensus rating of "Hold" and a consensus price target of $182.64.

Insider Buying and Selling

In related news, Director Stefan M. Selig purchased 219 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $34,884.51. Following the acquisition, the director owned 31,881 shares of the company's stock, valued at $5,078,324.49. This trade represents a 0.69% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Larry C. Glasscock acquired 396 shares of the company's stock in a transaction on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the acquisition, the director owned 43,185 shares of the company's stock, valued at approximately $6,878,938.65. The trade was a 0.93% 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 worth $387,271 in the last three months. Insiders own 8.60% of the company's stock.

Simon Property Group Trading Up 1.3%

Shares of Simon Property Group stock opened at $174.7640 on Wednesday. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market cap of $57.06 billion, a PE ratio of 27.01, a P/E/G ratio of 11.57 and a beta of 1.48. The stock has a fifty day moving average price of $163.82 and a 200-day moving average price of $164.69. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion for 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%. Simon Property Group's revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. This is a boost 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%.

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.

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