Strs Ohio Acquires New Shares in Simon Property Group, Inc. $SPG

Key Points

• Strs Ohio has acquired 227,154 shares of Simon Property Group, Inc. (NYSE: SPG), valued at approximately $37.7 million, representing a 0.07% stake in the company.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, up from $2.10, indicating a strong annualized dividend yield of 4.7%.
• Five research analysts have rated Simon Property Group with a Buy rating, while eight have assigned it a Hold rating, with a consensus target price of $184.54.

Strs Ohio acquired a new stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 227,154 shares of the real estate investment trust's stock, valued at approximately $37,726,000. Strs Ohio owned 0.07% of Simon Property Group at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Park Square Financial Group LLC boosted its position 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 acquiring an additional 81 shares during the period. Richardson Financial Services Inc. boosted its position 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 acquiring an additional 111 shares during the period. Continuum Advisory LLC boosted its position in Simon Property Group by 421.6% during the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 156 shares during the period. AdvisorNet Financial Inc boosted its position in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 95 shares during the period. Finally, WPG Advisers LLC acquired a new position in Simon Property Group during the 1st quarter worth $47,000. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SPG shares. Argus reiterated a "buy" rating and set a $185.00 price target on shares of Simon Property Group in a research report on Friday, September 5th. Stifel Nicolaus lowered Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target for the company. in a research report on Tuesday, September 2nd. Truist Financial boosted their price target on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a research report on Monday, August 25th. Morgan Stanley boosted their price target on Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, Mizuho dropped their price objective on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 10th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Simon Property Group currently has a consensus rating of "Hold" and a consensus target price of $184.54.

Simon Property Group Stock Up 2.7%

SPG opened at $184.01 on Friday. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. The stock's fifty day moving average is $170.41 and its 200-day moving average is $164.43. The company has a market capitalization of $60.08 billion, a PE ratio of 28.44, a P/E/G ratio of 10.85 and a beta of 1.50.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The company had revenue of $1.50 billion for 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 quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal 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 given a dividend of $2.15 per share. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. Simon Property Group's payout ratio is presently 132.92%.

Insider Activity at Simon Property Group

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 bought at an average cost of $159.29 per share, with a total value of $83,149.38. Following the completion of the transaction, the director directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gary M. Rodkin acquired 246 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the purchase, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This represents a 1.31% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock valued at $387,271 over the last ninety days. Company insiders own 8.66% of the company's stock.

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.

Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.