Simon Property Group, Inc. $SPG Shares Sold by Alta Wealth Advisors LLC

Key Points

• Alta Wealth Advisors LLC reduced its holdings in Simon Property Group, Inc. by 64.7% during the second quarter, now owning 1,461 shares valued at $235,000.
• The company has recently increased its quarterly dividend to $2.15, resulting in an annualized dividend yield of 4.6%.
• Simon Property Group's latest earnings reported $3.05 EPS for the quarter, slightly exceeding analyst expectations, with a revenue increase of 13.9% year-over-year.

Alta Wealth Advisors LLC reduced its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 64.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,461 shares of the real estate investment trust's stock after selling 2,678 shares during the quarter. Alta Wealth Advisors LLC's holdings in Simon Property Group were worth $235,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Highland Capital Management LLC acquired a new position in shares of Simon Property Group during the 2nd quarter valued at $1,196,000. Wealthcare Advisory Partners LLC acquired a new position in shares of Simon Property Group during the 2nd quarter valued at $451,000. 111 Capital increased its position in shares of Simon Property Group by 83.6% during the 2nd quarter. 111 Capital now owns 8,183 shares of the real estate investment trust's stock valued at $1,315,000 after purchasing an additional 3,726 shares during the period. QRG Capital Management Inc. increased its position in shares of Simon Property Group by 0.6% during the 2nd quarter. QRG Capital Management Inc. now owns 212,123 shares of the real estate investment trust's stock valued at $34,101,000 after purchasing an additional 1,321 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Simon Property Group during the 2nd quarter valued at $141,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPG. Mizuho lowered their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 10th. Evercore ISI reiterated an "in-line" rating and set a $187.00 price target (up from $183.00) on shares of Simon Property Group in a research report on Monday, September 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Simon Property Group in a research report on Saturday, September 27th. Argus reiterated a "buy" rating and set a $185.00 price target on shares of Simon Property Group in a research report on Friday, September 5th. Finally, Piper Sandler raised their price objective on Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $186.46.

Simon Property Group Stock Performance

SPG opened at $185.58 on Friday. The firm has a market cap of $60.59 billion, a PE ratio of 28.68, a P/E/G ratio of 11.22 and a beta of 1.50. 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 business has a fifty day simple moving average of $176.78 and a 200-day simple moving average of $165.50. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.01. The business 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 was up 13.9% compared to the same quarter last year. During the same period last 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, equities analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were given a $2.15 dividend. This represents a $8.60 annualized dividend and a dividend yield of 4.6%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend was Tuesday, September 9th. Simon Property Group's payout ratio is 132.92%.

Insiders Place Their Bets

In other Simon Property Group news, Director Stefan M. Selig bought 195 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $36,260.25. Following the completion of the transaction, the director directly owned 32,076 shares in the company, valued at approximately $5,964,532.20. This represents a 0.61% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary M. Rodkin bought 219 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average cost of $185.95 per share, with a total value of $40,723.05. Following the transaction, the director owned 19,229 shares of the company's stock, valued at $3,575,632.55. This trade represents a 1.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,163 shares of company stock valued at $401,605 over the last quarter. 8.66% of the stock is owned by insiders.

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.

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