Strathmore Capital Advisors Inc. Invests $687,000 in Simon Property Group, Inc. $SPG

Key Points

• Strathmore Capital Advisors Inc. acquired 4,215 shares of Simon Property Group, Inc. for approximately $687,000 during the second quarter.
• Simon Property Group's recent quarterly earnings showed a 13.9% increase in revenue year-over-year, with earnings per share of $3.05, slightly above analysts' expectations.
• The company announced an increase in its quarterly dividend from $2.10 to $2.15 per share, representing an annual yield of 4.7%.

Strathmore Capital Advisors Inc. purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,215 shares of the real estate investment trust's stock, valued at approximately $687,000.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Simon Property Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust's stock worth $7,588,195,000 after purchasing an additional 267,503 shares in the last quarter. Northern Trust Corp boosted its position in Simon Property Group by 1.8% during the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock worth $923,236,000 after purchasing an additional 96,126 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Simon Property Group by 3.0% during the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock worth $805,853,000 after purchasing an additional 141,657 shares in the last quarter. Nuveen LLC purchased a new stake in Simon Property Group during the first quarter worth $724,937,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Simon Property Group by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust's stock valued at $608,086,000 after acquiring an additional 23,873 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Trading Up 0.3%

NYSE:SPG traded up $0.53 on Monday, hitting $181.25. 1,401,293 shares of the stock were exchanged, compared to its average volume of 2,005,600. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13. The stock has a fifty day moving average of $172.94 and a 200-day moving average of $164.18. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The stock has a market cap of $59.18 billion, a PE ratio of 28.01, a PEG ratio of 10.94 and a beta of 1.50.

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 for the quarter, topping the consensus estimate of $3.04 by $0.01. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $2.90 earnings per share. The company's revenue was up 13.9% compared to the same quarter last year. 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 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

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

Insider Activity at Simon Property Group

In other news, Director Larry C. Glasscock bought 396 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel C. Smith bought 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $159.29 per share, for a total transaction of $60,211.62. Following the acquisition, the director owned 31,998 shares in the company, valued at $5,096,961.42. The trade was a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,428 shares of company stock worth $387,271 over the last quarter. 8.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPG. Piper Sandler upped their price objective on Simon Property Group from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday. LADENBURG THALM/SH SH started coverage on Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Truist Financial upped their target price on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research note on Monday, August 25th. Evercore ISI reiterated an "in-line" rating and issued a $187.00 target price (up from $183.00) on shares of Simon Property Group in a research note on Monday, September 15th. Finally, JPMorgan Chase & Co. upped their target price on Simon Property Group from $180.00 to $184.00 and gave the company a "neutral" rating in a research note on Friday, August 22nd. Four analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has a consensus rating of "Hold" and an average 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.