Strathmore Capital Advisors Inc. Takes $687,000 Position 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. bought a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,215 shares of the real estate investment trust's stock, valued at approximately $687,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Great Lakes Advisors LLC increased its stake in shares of Simon Property Group by 3.7% in the first quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock worth $317,000 after purchasing an additional 68 shares in the last quarter. Wedmont Private Capital grew its position in Simon Property Group by 1.0% during the 2nd quarter. Wedmont Private Capital now owns 7,040 shares of the real estate investment trust's stock worth $1,147,000 after purchasing an additional 68 shares during the last quarter. Sumitomo Life Insurance Co. lifted its stake in Simon Property Group by 1.6% during the 1st quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock valued at $743,000 after acquiring an additional 70 shares during the period. Aspiriant LLC lifted its stake in shares of Simon Property Group by 1.3% in the 1st quarter. Aspiriant LLC now owns 5,851 shares of the real estate investment trust's stock valued at $972,000 after purchasing an additional 74 shares during the period. Finally, HighPoint Advisor Group LLC raised its position in Simon Property Group by 2.2% during the first quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock worth $544,000 after acquiring an additional 75 shares during the period. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPG. Piper Sandler raised their price objective on shares of Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday. 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 report on Monday, August 25th. Barclays assumed coverage on Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price target for the company. Evercore ISI reissued an "in-line" rating and issued a $187.00 price objective (up from $183.00) on shares of Simon Property Group in a research note on Monday. Finally, LADENBURG THALM/SH SH began coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $186.46.

Simon Property Group Stock Performance

Shares of NYSE:SPG traded up $0.70 during trading on Friday, hitting $180.79. 7,083,286 shares of the company were exchanged, compared to its average volume of 1,717,126. The company has a market cap of $59.03 billion, a PE ratio of 27.94, a P/E/G ratio of 10.91 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. The stock has a 50 day moving average of $172.57 and a 200 day moving average of $164.32. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, beating 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 net margin of 36.78% and a return on equity of 72.38%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, equities research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 4.8%. 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 Activity

In related news, Director Reuben S. Leibowitz purchased 522 shares of the business's stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the acquisition, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. This trade represents a 0.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stefan M. Selig bought 219 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $34,884.51. Following the completion of the transaction, the director directly owned 31,881 shares of the company's stock, valued at approximately $5,078,324.49. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 2,428 shares of company stock worth $387,271 over the last 90 days. 8.66% of the stock is owned by corporate 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.