Simon Property Group, Inc. $SPG Shares Sold by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. significantly reduced its stake in Simon Property Group, cutting its position by 93.7% and now holding 1,580 shares valued at $254,000.
• In contrast, several other large investors have increased their positions in the company, with Park Square Financial Group boosting its stake by 108% in the first quarter.
• Simon Property Group recently announced an increase in its quarterly dividend to $2.15 per share, up from $2.10, representing a yield of 4.6%.

Patton Fund Management Inc. cut its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 93.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,580 shares of the real estate investment trust's stock after selling 23,626 shares during the quarter. Patton Fund Management Inc.'s holdings in Simon Property Group were worth $254,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Park Square Financial Group LLC boosted its position in shares of Simon Property Group by 108.0% in the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 81 shares during the period. Richardson Financial Services Inc. boosted its position in shares of Simon Property Group by 185.0% in the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 111 shares during the period. Continuum Advisory LLC boosted its position in shares of Simon Property Group by 421.6% in the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 156 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Simon Property Group by 77.2% in the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 95 shares during the period. Finally, WPG Advisers LLC acquired a new stake in shares of Simon Property Group in the 1st quarter valued at about $47,000. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SPG. Morgan Stanley upped their target price on Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a research report on Thursday, September 11th. Scotiabank upped their price objective on Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a research note on Thursday, August 28th. Argus reaffirmed a "buy" rating and set a $185.00 price objective on shares of Simon Property Group in a research note on Friday, September 5th. Evercore ISI reaffirmed an "in-line" rating and set a $187.00 price objective (up from $183.00) on shares of Simon Property Group in a research note on Monday, September 15th. Finally, Stifel Nicolaus downgraded Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price objective for the company. in a research note on Tuesday, September 2nd. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Simon Property Group presently has an average rating of "Hold" and an average target price of $186.46.

Simon Property Group Stock Performance

Shares of SPG stock opened at $185.29 on Friday. The company has a market cap of $60.50 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 11.23 and a beta of 1.50. The stock has a 50 day simple moving average of $174.72 and a 200-day simple moving average of $164.71. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. 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 issued its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current 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 paid a dividend of $2.15 per share. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. 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 4.6%. Simon Property Group's dividend payout ratio (DPR) is currently 132.92%.

Insider Buying and Selling at Simon Property Group

In other news, Director Daniel C. Smith purchased 378 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director directly owned 31,998 shares in the company, valued at approximately $5,096,961.42. The trade was a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary M. Rodkin purchased 246 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the acquisition, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 2,428 shares of company stock worth $387,271. 8.66% of the stock is currently owned by company insiders.

Simon Property Group 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.

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