State of Alaska Department of Revenue Lowers Stake in Simon Property Group, Inc. $SPG

State of Alaska Department of Revenue lowered its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 193,104 shares of the real estate investment trust's stock after selling 1,498 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Simon Property Group worth $31,042,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Old Port Advisors purchased a new stake in shares of Simon Property Group during the 2nd quarter valued at $834,000. PFS Partners LLC grew its holdings in shares of Simon Property Group by 13.6% during the 2nd quarter. PFS Partners LLC now owns 568 shares of the real estate investment trust's stock valued at $91,000 after purchasing an additional 68 shares during the last quarter. Novem Group purchased a new position in Simon Property Group in the 2nd quarter worth $977,000. CX Institutional raised its position in Simon Property Group by 23.3% in the 2nd quarter. CX Institutional now owns 1,654 shares of the real estate investment trust's stock worth $266,000 after purchasing an additional 313 shares during the period. Finally, Perigon Wealth Management LLC raised its position in Simon Property Group by 13.4% in the 2nd quarter. Perigon Wealth Management LLC now owns 7,224 shares of the real estate investment trust's stock worth $1,161,000 after purchasing an additional 856 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

Insider Activity

In related news, Director Reuben S. Leibowitz bought 522 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $83,149.38. Following the purchase, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. This trade represents a 0.91% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry C. Glasscock bought 396 shares of the business's stock in a transaction dated Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $63,078.84. Following the purchase, the director directly owned 43,185 shares in the company, valued at approximately $6,878,938.65. This represents a 0.93% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,428 shares of company stock worth $387,271. 8.66% of the stock is owned by company insiders.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $185.29 on Friday. The firm has a market cap of $60.50 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 11.06 and a beta of 1.50. Simon Property Group, Inc. has a 12-month low of $136.34 and a 12-month high of $190.13. 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 company's fifty day simple moving average is $174.72 and its two-hundred day simple moving average is $164.72.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, equities 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 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 represents a $8.60 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's payout ratio is presently 132.92%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Barclays assumed coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 target price on the stock. Piper Sandler lifted their target price on shares of Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, September 18th. Truist Financial lifted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research report on Monday, August 25th. LADENBURG THALM/SH SH started coverage on shares of Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Finally, Stifel Nicolaus lowered shares of Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target on the stock. in a report on Tuesday, September 2nd. Four analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $186.46.

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.

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