Royal Bank of Canada Raises Position in Simon Property Group, Inc. $SPG

Key Points

• Royal Bank of Canada has boosted its stake in Simon Property Group by 15.5%, owning approximately 1.56 million shares valued at $259.35 million as of its latest SEC filing.
• Simon Property Group's latest quarterly earnings exceeded analysts' expectations, reporting $3.05 EPS against a forecast of $3.04 EPS, with revenues up 13.9% year-over-year to $1.50 billion.
• The company has announced a quarterly dividend increase to $2.15 per share, effective September 30, reflecting a dividend yield of 4.8% and showcasing a positive adjustment from its previous $2.10 dividend.

Royal Bank of Canada raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 15.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,561,615 shares of the real estate investment trust's stock after purchasing an additional 209,662 shares during the period. Royal Bank of Canada owned 0.48% of Simon Property Group worth $259,351,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC grew its holdings in Simon Property Group by 31.1% during the first quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after purchasing an additional 789 shares during the period. Golden State Wealth Management LLC grew its holdings in Simon Property Group by 193.5% during the first quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock valued at $128,000 after purchasing an additional 509 shares during the period. Brighton Jones LLC bought a new stake in Simon Property Group during the fourth quarter valued at about $295,000. J.W. Cole Advisors Inc. bought a new stake in Simon Property Group during the first quarter valued at about $895,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Simon Property Group by 8.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock valued at $9,415,000 after purchasing an additional 4,589 shares during the period. Institutional investors own 93.01% of the company's stock.

Insider Buying and Selling

In related news, Director Larry C. Glasscock acquired 396 shares of the firm'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 transaction, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary M. Rodkin acquired 246 shares of the firm's stock in a transaction on Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 2,428 shares of company stock valued at $387,271 in the last ninety days. Company insiders own 8.66% of the company's stock.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $0.53 during mid-day trading on Friday, reaching $182.05. The stock had a trading volume of 1,829,523 shares, compared to its average volume of 1,488,531. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market cap 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. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The business's 50 day moving average price is $169.04 and its 200 day moving average price is $164.54.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its 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 the consensus estimate of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a $2.15 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is presently 129.83%.

Analysts Set New Price Targets

Several brokerages have recently commented on SPG. LADENBURG THALM/SH SH began coverage on Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Mizuho lowered their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 10th. JPMorgan Chase & Co. boosted 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 restated a "buy" rating and issued a $185.00 price objective on shares of Simon Property Group in a research report on Friday. Finally, Truist Financial boosted their price objective on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research report on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $184.92.

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.