Resona Asset Management Co. Ltd. Acquires 12,420 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Simon Property Group by 7.1%, now owning approximately 0.06% of the company, valued at $31.05 million.
• Simon Property Group reported quarterly earnings of $3.05 per share, exceeding expectations, with revenue up 13.9% compared to the previous year.
• The company announced a quarterly dividend of $2.15 per share, reflecting an increase from the prior dividend and providing a yield of 5.1%.

Resona Asset Management Co. Ltd. lifted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 188,472 shares of the real estate investment trust's stock after acquiring an additional 12,420 shares during the period. Resona Asset Management Co. Ltd. owned approximately 0.06% of Simon Property Group worth $31,054,000 at the end of the most recent reporting period.

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

Simon Property Group Trading Up 0.6%

Shares of SPG stock traded up $0.99 on Friday, reaching $173.18. The company had a trading volume of 1,581,618 shares, 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. The stock has a market cap of $56.53 billion, a PE ratio of 26.77, a PEG ratio of 11.52 and a beta of 1.48. The company has a 50-day moving average of $163.30 and a 200-day moving average of $164.76. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 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 company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the prior year, the business posted $2.90 EPS. Simon Property Group's revenue was up 13.9% on a year-over-year basis. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company 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 an increase 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 yield of 5.0%. Simon Property Group's payout ratio is currently 132.92%.

Insider Activity

In other news, Director Reuben S. Leibowitz purchased 522 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was 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 in the company, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Glyn Aeppel purchased 234 shares of Simon Property Group stock in a transaction 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 transaction, 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 disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 2,428 shares of company stock worth $387,271. 8.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on SPG. Piper Sandler reduced their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Mizuho cut their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. Scotiabank lifted their price target on Simon Property Group from $159.00 to $163.00 and gave the company a "sector perform" rating in a report on Tuesday, June 17th. Barclays started coverage on Simon Property Group in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Finally, LADENBURG THALM/SH SH started coverage on Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price target for the company. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and an average target price of $182.64.

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.