The Manufacturers Life Insurance Company Purchases 24,217 Shares of Simon Property Group, Inc. $SPG

Key Points

• The Manufacturers Life Insurance Company increased its stake in Simon Property Group by 10.8%, now owning 247,728 shares valued at approximately $41.1 million.
• Simon Property Group has announced a quarterly dividend of $2.15 per share, reflecting a rise from the previous dividend of $2.10, resulting in an annualized yield of 4.8%.
• The company's latest earnings report indicated an EPS of $3.05, slightly above estimates, with a revenue increase of 13.9% year-over-year.

The Manufacturers Life Insurance Company increased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 10.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 247,728 shares of the real estate investment trust's stock after acquiring an additional 24,217 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Simon Property Group worth $41,143,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPG. Park Square Financial Group LLC lifted its holdings in Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after buying an additional 81 shares during the period. Richardson Financial Services Inc. lifted its holdings in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC lifted its holdings in Simon Property Group by 421.6% during the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after buying an additional 156 shares during the period. Colonial Trust Co SC lifted its holdings in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc lifted its holdings in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Mizuho dropped their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Stifel Nicolaus downgraded Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective on the stock. in a research note on Tuesday. Truist Financial boosted their price objective on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research note on Monday, August 25th. Piper Sandler dropped their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Finally, LADENBURG THALM/SH SH assumed coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of "Hold" and a consensus target price of $184.91.

Simon Property Group Stock Up 0.9%

SPG traded up $1.67 during midday trading on Thursday, reaching $181.53. 2,103,607 shares of the company were exchanged, compared to its average volume of 1,630,878. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The company's fifty day moving average price is $168.19 and its 200 day moving average price is $164.59. The company has a market cap of $59.27 billion, a price-to-earnings ratio of 28.06, 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.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. 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 4.7%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is presently 129.83%.

Insider Activity

In other Simon Property Group news, Director Larry C. Glasscock bought 396 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was bought at an average cost of $159.29 per share, with a total value of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. The trade was a 0.93% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $83,149.38. Following the completion of the acquisition, the director owned 58,195 shares of the company's stock, valued at $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 2,428 shares of company stock worth $387,271. Company insiders own 8.60% of the company's stock.

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.