Adelante Capital Management LLC Has $64.19 Million Position in Simon Property Group, Inc. $SPG

Key Points

• Adelante Capital Management LLC reduced its stake in Simon Property Group by 27.9% during the first quarter, now holding 386,479 shares valued at approximately $64.2 million.
• Analysts have mixed views on Simon Property Group, with recent target price changes including Piper Sandler lowering its target from $205 to $200 and Barclays setting a target at $170 with an "equal weight" rating.
• Simon Property Group increased its quarterly dividend to $2.15, reflecting an annualized dividend yield of 4.7%, up from the previous quarterly rate of $2.10.

Adelante Capital Management LLC decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 27.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 386,479 shares of the real estate investment trust's stock after selling 149,261 shares during the period. Simon Property Group comprises about 4.5% of Adelante Capital Management LLC's investment portfolio, making the stock its 7th biggest holding. Adelante Capital Management LLC owned about 0.12% of Simon Property Group worth $64,187,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SPG. Colonial Trust Co SC raised its stake in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 57 shares in the last quarter. Sumitomo Life Insurance Co. lifted its stake in Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock worth $743,000 after purchasing an additional 70 shares during the last quarter. Aspiriant LLC boosted its holdings in Simon Property Group by 1.3% in the first quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock worth $972,000 after purchasing an additional 74 shares during the period. HighPoint Advisor Group LLC increased its stake in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock valued at $544,000 after purchasing an additional 75 shares during the last quarter. Finally, Moody National Bank Trust Division raised its holdings in shares of Simon Property Group by 5.9% during the first quarter. Moody National Bank Trust Division now owns 1,394 shares of the real estate investment trust's stock worth $232,000 after purchasing an additional 78 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Simon Property Group

In related news, Director Larry C. Glasscock acquired 396 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, for a total transaction of $63,078.84. Following the completion of the acquisition, the director directly owned 43,185 shares of the company's stock, 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 available through the SEC website. Also, Director Daniel C. Smith bought 378 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director owned 31,998 shares of the company's stock, valued at $5,096,961.42. This represents a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,428 shares of company stock worth $387,271 over the last ninety days. Insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

SPG has been the subject of several research reports. Mizuho decreased their price target 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. Scotiabank raised their target price on shares of Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Piper Sandler lowered their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Stifel Nicolaus cut Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target on the stock. in a research report on Tuesday, September 2nd. Finally, Truist Financial raised their price target on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a report on Monday, August 25th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $184.92.

Simon Property Group Stock Performance

Shares of NYSE SPG traded down $3.14 during midday trading on Tuesday, hitting $179.41. 1,860,381 shares of the company's stock were exchanged, compared to its average volume of 1,583,466. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The firm has a market cap of $58.58 billion, a P/E ratio of 27.73, a PEG ratio of 11.05 and a beta of 1.50. The stock's 50 day moving average price is $169.78 and its 200-day moving average price is $164.33. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS 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 firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the firm earned $2.90 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Equities research analysts anticipate 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. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a yield of 4.8%. Simon Property Group's dividend payout ratio is currently 132.92%.

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.