Inspire Trust Co. N.A. Grows Holdings in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Inspire Trust Co. N.A. increased its holdings in Simon Property Group by 12.0%, owning 14,000 shares valued at approximately $2.3 million as of the latest SEC filing.
• Simon Property Group's recent quarterly earnings beat expectations with $3.05 EPS against a consensus estimate of $3.04, alongside a 13.9% increase in revenue year-over-year.
• The company declared a quarterly dividend increase to $2.15, with a current payout ratio of 129.83% and a dividend yield of 5.0%.

Inspire Trust Co. N.A. grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 12.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,000 shares of the real estate investment trust's stock after purchasing an additional 1,500 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Simon Property Group were worth $2,325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC raised its holdings in Simon Property Group by 11.6% during the first quarter. Kovitz Investment Group Partners LLC now owns 1,516 shares of the real estate investment trust's stock worth $252,000 after purchasing an additional 158 shares in the last quarter. Vestmark Advisory Solutions Inc. raised its holdings in Simon Property Group by 54.4% during the first quarter. Vestmark Advisory Solutions Inc. now owns 7,744 shares of the real estate investment trust's stock worth $1,286,000 after purchasing an additional 2,729 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in Simon Property Group by 2.4% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,712 shares of the real estate investment trust's stock worth $1,613,000 after purchasing an additional 224 shares in the last quarter. S Bank Fund Management Ltd acquired a new stake in Simon Property Group during the first quarter worth approximately $532,000. Finally, National Pension Service raised its holdings in Simon Property Group by 8.6% during the first quarter. National Pension Service now owns 974,697 shares of the real estate investment trust's stock worth $161,878,000 after purchasing an additional 76,933 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on SPG shares. Piper Sandler cut 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 report on Friday, May 23rd. Stifel Nicolaus set a $179.00 target price on shares of Simon Property Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Mizuho cut their target price on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Scotiabank lifted their target price on shares of Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Finally, LADENBURG THALM/SH SH began coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $182.64.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Glyn Aeppel acquired 234 shares of the stock in a transaction that occurred on 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 purchase, the director owned 19,057 shares in the company, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Reuben S. Leibowitz acquired 522 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was acquired 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 owned 58,195 shares in the company, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock worth $387,271 in the last 90 days. Insiders own 8.66% of the company's stock.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $0.99 on Friday, reaching $173.18. 1,581,618 shares of the company were exchanged, compared to its average volume of 1,494,117. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The firm has a market cap of $56.53 billion, a price-to-earnings ratio of 26.77, a price-to-earnings-growth ratio of 11.59 and a beta of 1.48. The company has a 50-day moving average of $163.30 and a 200-day moving average of $164.70.

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 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the prior year, the company posted $2.90 EPS. The business's revenue for the quarter was up 13.9% on a year-over-year basis. Equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal 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 $2.15 dividend. This represents a $8.60 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is currently 129.83%.

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.