Westpac Banking Corp Acquires 14,063 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Westpac Banking Corp increased its holdings in Simon Property Group by 45.6% during the first quarter, owning a total of 44,893 shares worth approximately $7.46 million.
• Simon Property Group has seen significant institutional investment changes, with 93.01% of stock held by institutional investors and hedge funds, including a new position from Nuveen LLC valued at about $724.9 million.
• The company announced an increase in its quarterly dividend from $2.10 to $2.15 per share, which translates to an annualized dividend yield of 5.2%.

Westpac Banking Corp grew its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 45.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,893 shares of the real estate investment trust's stock after purchasing an additional 14,063 shares during the period. Westpac Banking Corp's holdings in Simon Property Group were worth $7,456,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in shares of Simon Property Group by 31.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after buying an additional 789 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of Simon Property Group by 193.5% in 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 acquiring an additional 509 shares during the period. Brighton Jones LLC bought a new stake in shares of Simon Property Group in the fourth quarter valued at approximately $295,000. J.W. Cole Advisors Inc. acquired a new position in shares of Simon Property Group in the first quarter valued at $895,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Simon Property Group by 8.7% in 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 in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Simon Property Group Stock Up 2.0%

Simon Property Group stock traded up $3.39 during midday trading on Wednesday, reaching $172.61. The stock had a trading volume of 1,660,271 shares, compared to its average volume of 1,441,292. The firm's fifty day simple moving average is $162.85 and its 200-day simple moving average is $164.81. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The stock has a market capitalization of $56.34 billion, a P/E ratio of 26.68, a price-to-earnings-growth ratio of 11.32 and a beta of 1.48. 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 announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm earned $2.90 EPS. Simon Property Group's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. This is a positive change 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 annualized dividend and a dividend yield of 5.0%. Simon Property Group's payout ratio is presently 129.83%.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Glyn Aeppel purchased 234 shares of the stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the transaction, the director directly 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 disclosure for this purchase can be found here. Over the last three months, insiders have acquired 2,386 shares of company stock worth $380,066. Corporate insiders own 8.66% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SPG. Mizuho dropped their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Barclays initiated coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target on the stock. Piper Sandler reduced their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. JPMorgan Chase & Co. dropped their price target on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Finally, Scotiabank raised their price target on 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. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $182.64.

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.