Citigroup Inc. Increases Stake in Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Citigroup Inc. increased its stake in Simon Property Group by 66.0% during Q1, owning approximately 0.11% of the company worth $58.14 million after acquiring an additional 139,137 shares.
• Simon Property Group reported a 13.9% year-over-year increase in revenue, totaling $1.50 billion, while earnings per share (EPS) for the quarter were $3.05, slightly surpassing estimates.
• The company announced a quarterly dividend increase to $2.15 per share, marking a positive change from the previous dividend of $2.10, resulting in an annualized yield of 5.2%.

Citigroup Inc. grew its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 66.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 350,059 shares of the real estate investment trust's stock after purchasing an additional 139,137 shares during the period. Citigroup Inc. owned approximately 0.11% of Simon Property Group worth $58,138,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Hudson Canyon Capital Management bought a new position in Simon Property Group in the first quarter worth approximately $2,242,000. AlphaCore Capital LLC raised its holdings in shares of Simon Property Group by 11.6% in the first quarter. AlphaCore Capital LLC now owns 3,381 shares of the real estate investment trust's stock valued at $562,000 after acquiring an additional 352 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Simon Property Group by 9.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 766,768 shares of the real estate investment trust's stock worth $127,345,000 after acquiring an additional 69,051 shares during the period. Accuvest Global Advisors bought a new position in Simon Property Group during the 1st quarter worth about $498,000. Finally, Charles Schwab Investment Management Inc. increased its position in Simon Property Group by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock valued at $608,086,000 after purchasing an additional 23,873 shares during the period. 93.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPG has been the subject of a number of recent research reports. Piper Sandler reduced their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Barclays began coverage on Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Mizuho reduced their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research report on Tuesday, June 10th. Scotiabank boosted 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. Finally, LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from 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 Larry C. Glasscock purchased 396 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the acquisition, the director owned 43,185 shares of the company's stock, valued at $6,878,938.65. This trade represents a 0.93% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Glyn Aeppel purchased 234 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $37,273.86. Following the acquisition, 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 2,386 shares of company stock valued at $380,066. 8.60% of the stock is owned by insiders.

Simon Property Group Stock Performance

Simon Property Group stock traded up $3.39 during trading hours on Wednesday, hitting $172.61. 1,660,271 shares of the stock traded hands, compared to its average volume of 1,631,249. 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's 50 day moving average price is $162.64 and its 200-day moving average price is $164.76. The stock has a market capitalization of $56.34 billion, a price-to-earnings ratio of 26.68, a P/E/G ratio of 11.05 and a beta of 1.48. 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 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business earned $2.90 EPS. The company's quarterly revenue was up 13.9% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This is a positive change 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 5.0%. Simon Property Group's dividend payout ratio (DPR) is currently 132.92%.

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.