Simon Property Group, Inc. $SPG Holdings Lifted by RWA Wealth Partners LLC

Key Points

• RWA Wealth Partners LLC significantly increased its stake in Simon Property Group, Inc. by 71.8% during the 1st quarter, holding shares valued at approximately $11.27 million.
• Simon Property Group recently announced a dividend increase to $2.15 per share, reflecting an annualized dividend yield of 5.0% and a payout ratio of 129.83%.
• Analysts have mixed views, with several lowering price targets, resulting in a consensus target price of $182.64 and a current rating of "Hold."

RWA Wealth Partners LLC grew its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 71.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,841 shares of the real estate investment trust's stock after purchasing an additional 28,361 shares during the period. RWA Wealth Partners LLC's holdings in Simon Property Group were worth $11,267,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC lifted 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 worth $553,000 after acquiring an additional 789 shares during the period. Golden State Wealth Management LLC boosted its holdings 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 in the last quarter. Brighton Jones LLC bought a new position in shares of Simon Property Group in the fourth quarter valued at approximately $295,000. J.W. Cole Advisors Inc. bought a new position in shares of Simon Property Group in the first quarter valued at approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 acquiring an additional 4,589 shares in the last quarter. Institutional investors own 93.01% of the company's stock.

Analysts Set New Price Targets

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

Simon Property Group Trading Up 0.6%

Simon Property Group stock opened at $173.18 on Monday. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The stock has a market cap of $56.54 billion, a P/E ratio of 26.77, a P/E/G ratio of 11.59 and a beta of 1.48. The company's fifty day simple moving average is $163.30 and its 200-day simple moving average is $164.62.

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 the consensus estimate of $1.40 billion. During the same period in the prior year, the business posted $2.90 earnings per share. Simon Property Group's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, sell-side analysts forecast 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. Stockholders 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 dividend yield of 5.0%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's dividend payout ratio (DPR) is currently 129.83%.

Insiders Place Their Bets

In other Simon Property Group news, Director Glyn Aeppel purchased 234 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $159.29 per share, for a total transaction of $37,273.86. Following the purchase, 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Reuben S. Leibowitz purchased 522 shares of the business's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the acquisition, the director directly owned 58,195 shares in the company, valued at $9,269,881.55. This represents a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 2,428 shares of company stock valued at $387,271 in the last three months. Company insiders own 8.60% of the company's stock.

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.

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