TD Asset Management Inc Acquires 3,596 Shares of Simon Property Group, Inc. $SPG

Key Points

• TD Asset Management Inc increased its stake in Simon Property Group by 2.6%, acquiring an additional 3,596 shares during the second quarter, bringing its total holdings to 142,870 shares valued at approximately $22.97 million.
• Analysts have raised price targets for Simon Property Group, with JPMorgan Chase & Co. increasing its target from $180.00 to $184.00, while the company has an average rating of "Hold" and a consensus target price of $187.31.
• Simon Property Group recently increased its quarterly dividend to $2.15 per share, boosting the annualized yield to 4.8%, with a payout ratio currently at 132.92%.

TD Asset Management Inc grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 142,870 shares of the real estate investment trust's stock after purchasing an additional 3,596 shares during the period. TD Asset Management Inc's holdings in Simon Property Group were worth $22,968,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of SPG. Vanguard Group Inc. raised its position in Simon Property Group by 0.6% in 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 acquiring an additional 267,503 shares during the period. Northern Trust Corp grew its position in shares of Simon Property Group by 1.8% during the 1st quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust's stock valued at $923,236,000 after purchasing an additional 96,126 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Simon Property Group by 3.0% in the 1st quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust's stock worth $805,853,000 after acquiring an additional 141,657 shares during the last quarter. Nuveen LLC purchased a new stake in Simon Property Group in the first quarter valued at approximately $724,937,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Simon Property Group by 0.7% during 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 purchasing an additional 23,873 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Truist Financial upped their price objective on Simon Property Group from $168.00 to $169.00 and gave the stock a "hold" rating in a report on Monday, August 25th. Barclays increased their price objective on Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a research report on Monday, October 6th. Morgan Stanley raised their price objective on Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, September 11th. Finally, LADENBURG THALM/SH SH started coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 target price for the company. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $187.31.

Insider Transactions at Simon Property Group

In other news, Director Gary M. Rodkin acquired 219 shares of the business's stock in a transaction on Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, with a total value of $40,723.05. Following the transaction, the director owned 19,229 shares in the company, valued at $3,575,632.55. The trade was a 1.15% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Larry C. Glasscock bought 351 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was purchased at an average cost of $185.95 per share, with a total value of $65,268.45. Following the transaction, the director directly owned 43,536 shares in the company, valued at approximately $8,095,519.20. This represents a 0.81% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,163 shares of company stock valued at $401,605. 8.66% of the stock is currently owned by insiders.

Simon Property Group Stock Performance

Simon Property Group stock opened at $178.23 on Friday. The firm has a fifty day simple moving average of $179.20 and a two-hundred day simple moving average of $166.34. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company has a market capitalization of $58.19 billion, a PE ratio of 27.55, a P/E/G ratio of 12.96 and a beta of 1.50.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping the consensus estimate of $3.04 by $0.01. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research 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 disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were paid a dividend of $2.15 per share. 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. The ex-dividend date of this dividend was Tuesday, September 9th. Simon Property Group's payout ratio is currently 132.92%.

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.

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.