Walleye Capital LLC Acquires 13,071 Shares of Simon Property Group, Inc. $SPG

Key Points

• Walleye Capital LLC increased its stake in Simon Property Group by 313.1%, acquiring a total of 17,246 shares valued at approximately $2.86 million.
• Analysts have set a consensus price target of $184.00 for SPG, with ratings including five "Buy" and six "Hold" ratings.
• Simon Property Group raised its quarterly dividend from $2.10 to $2.15 per share, representing an annualized yield of 4.8%.

Walleye Capital LLC lifted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 313.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,246 shares of the real estate investment trust's stock after buying an additional 13,071 shares during the period. Walleye Capital LLC's holdings in Simon Property Group were worth $2,864,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SPG. Brighton Jones LLC bought a new stake in shares of Simon Property Group in the fourth quarter valued at about $295,000. Kovitz Investment Group Partners LLC bought a new stake in shares of Simon Property Group in the fourth quarter valued at about $234,000. Lido Advisors LLC lifted its holdings in shares of Simon Property Group by 2.4% during the 4th quarter. Lido Advisors LLC now owns 15,908 shares of the real estate investment trust's stock worth $2,740,000 after acquiring an additional 377 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Simon Property Group by 1,633.6% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 140,384 shares of the real estate investment trust's stock worth $24,176,000 after acquiring an additional 132,286 shares during the period. Finally, Adelante Capital Management LLC lifted its holdings in shares of Simon Property Group by 79.9% during the 4th quarter. Adelante Capital Management LLC now owns 535,740 shares of the real estate investment trust's stock worth $92,259,000 after acquiring an additional 238,016 shares during the period. Institutional investors own 93.01% of the company's stock.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 522 shares of the company's stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $83,149.38. Following the completion of the purchase, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Glyn Aeppel bought 234 shares of the company's stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $37,273.86. Following the completion of the purchase, the director owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 2,428 shares of company stock valued at $387,271. Insiders own 8.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Mizuho reduced their price objective 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. JPMorgan Chase & Co. raised their price objective on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. 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 report on Friday, May 23rd. Barclays began coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target for the company. Finally, Truist Financial lifted their price target on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $184.91.

Simon Property Group Price Performance

NYSE SPG traded up $1.59 during trading hours on Monday, reaching $180.95. 1,716,817 shares of the company's stock were exchanged, compared to its average volume of 1,549,380. The stock has a market cap of $59.08 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 10.94 and a beta of 1.50. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13. The firm has a fifty day moving average of $166.93 and a 200-day moving average of $164.41. 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 (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 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 company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $2.90 earnings per share. The company's revenue was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share 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. Shareholders of record on Tuesday, September 9th will be paid a $2.15 dividend. This is a boost 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 4.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's payout ratio is presently 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.