SteelPeak Wealth LLC Sells 5,787 Shares of Simon Property Group, Inc. $SPG

Key Points

• SteelPeak Wealth LLC reduced its stake in Simon Property Group by 67.5%, now holding 2,784 shares valued at $447,000 after selling 5,787 shares in the 2nd quarter.
• Simon Property Group announced a quarterly dividend of $2.15, increasing from the previous $2.10, resulting in an annualized dividend of $8.60 and a yield of 4.8%.
• Analysts have set new price targets for Simon Property Group, with estimates ranging from $169 to $187, and the stock currently holds a consensus rating of "Hold."

SteelPeak Wealth LLC decreased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 67.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,784 shares of the real estate investment trust's stock after selling 5,787 shares during the quarter. SteelPeak Wealth LLC's holdings in Simon Property Group were worth $447,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SPG. Park Square Financial Group LLC raised its holdings in Simon Property Group by 108.0% during the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 111 shares during the last quarter. Continuum Advisory LLC increased its stake 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 acquiring an additional 156 shares in the last quarter. WPG Advisers LLC acquired a new position in shares of Simon Property Group during the 1st quarter valued at $47,000. Finally, Grove Bank & Trust lifted its position in shares of Simon Property Group by 231.3% during the 1st quarter. Grove Bank & Trust now owns 381 shares of the real estate investment trust's stock valued at $63,000 after acquiring an additional 266 shares during the period. Institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Performance

Shares of SPG stock opened at $178.29 on Thursday. The firm has a market capitalization of $58.21 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 10.83 and a beta of 1.50. The firm has a fifty day simple moving average of $177.53 and a two-hundred day simple moving average of $165.81. 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, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13.

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 EPS for the quarter, beating analysts' consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $2.90 EPS. Simon Property Group's quarterly revenue was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were paid a $2.15 dividend. This represents a $8.60 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is currently 132.92%.

Analysts Set New Price Targets

A number of research firms recently issued reports on SPG. Evercore ISI reiterated an "in-line" rating and set a $187.00 target price (up previously from $183.00) on shares of Simon Property Group in a research report on Monday, September 15th. Argus reiterated a "buy" rating and set a $185.00 target price on shares of Simon Property Group in a research report on Friday, September 5th. Morgan Stanley boosted their target price on shares of 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. Weiss Ratings reiterated a "buy (b-)" rating on shares of Simon Property Group in a research report on Saturday, September 27th. Finally, Truist Financial boosted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research report on Monday, August 25th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $187.23.

Insider Transactions at Simon Property Group

In other news, Director Glyn Aeppel bought 208 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The stock was purchased at an average price of $185.95 per share, for a total transaction of $38,677.60. Following the purchase, the director directly owned 19,265 shares in the company, valued at $3,582,326.75. The trade was a 1.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stefan M. Selig bought 195 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The stock was purchased at an average price of $185.95 per share, with a total value of $36,260.25. Following the purchase, the director owned 32,076 shares in the company, valued at approximately $5,964,532.20. This represents a 0.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 2,163 shares of company stock worth $401,605. 8.66% 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.

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