BROOKFIELD Corp ON Sells 15,565 Shares of Simon Property Group, Inc. $SPG

Key Points

• BROOKFIELD Corp ON has reduced its stake in Simon Property Group by 8.6%, now holding 165,657 shares valued at approximately $27.5 million.
• Simon Property Group reported a quarterly revenue increase of 13.9% year-over-year, with earnings per share (EPS) of $3.05, slightly beating analyst estimates.
• The company announced a new quarterly dividend of $2.15, an increase from the previous $2.10, with a current annualized dividend yield of 4.7%.

BROOKFIELD Corp ON trimmed its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 8.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 165,657 shares of the real estate investment trust's stock after selling 15,565 shares during the quarter. BROOKFIELD Corp ON owned 0.05% of Simon Property Group worth $27,512,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Farther Finance Advisors LLC raised its holdings in Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock valued at $553,000 after buying an additional 789 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Simon Property Group by 193.5% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock valued at $128,000 after buying an additional 509 shares during the last quarter. Brighton Jones LLC bought a new stake in Simon Property Group during the 4th quarter valued at $295,000. Clark Capital Management Group Inc. bought a new stake in Simon Property Group during the 1st quarter valued at $39,370,000. Finally, AQR Capital Management LLC raised its holdings in Simon Property Group by 45.4% during the 1st quarter. AQR Capital Management LLC now owns 211,810 shares of the real estate investment trust's stock valued at $34,773,000 after buying an additional 66,174 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPG. Piper Sandler lowered their price target 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. Truist Financial upped 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. Mizuho lowered 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. JPMorgan Chase & Co. upped their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Finally, Stifel Nicolaus downgraded shares of Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective on the stock. in a research report on Tuesday, September 2nd. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $184.54.

Simon Property Group Trading Down 0.7%

Simon Property Group stock traded down $1.23 during mid-day trading on Friday, reaching $182.68. 1,547,320 shares of the company traded hands, compared to its average volume of 1,637,094. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The firm's 50 day moving average price is $170.73 and its 200 day moving average price is $164.16. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 28.23, a P/E/G ratio of 11.05 and a beta of 1.50. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last released 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. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a $2.15 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is currently 132.92%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry C. Glasscock bought 396 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, for a total transaction of $63,078.84. Following the completion of the transaction, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. This trade represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,428 shares of company stock worth $387,271. 8.60% of the stock is owned by insiders.

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.