Townsquare Capital LLC Acquires 6,306 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Townsquare Capital LLC increased its holdings in Simon Property Group by 22.8%, acquiring an additional 6,306 shares, bringing its total to 33,991 shares valued at approximately $5.65 million.
• Several institutional investors, including Citigroup and National Bank of Canada FI, have significantly increased their stakes in Simon Property Group during the same quarter.
• Simon Property Group has announced a quarterly dividend of $2.15, marking an increase from the prior dividend of $2.10, which translates to an annualized yield of 5.2%.

Townsquare Capital LLC boosted its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,991 shares of the real estate investment trust's stock after acquiring an additional 6,306 shares during the quarter. Townsquare Capital LLC's holdings in Simon Property Group were worth $5,645,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Forsta AP Fonden boosted its position in shares of Simon Property Group by 1.8% during the first quarter. Forsta AP Fonden now owns 101,900 shares of the real estate investment trust's stock valued at $16,924,000 after buying an additional 1,800 shares during the last quarter. National Bank of Canada FI lifted its stake in Simon Property Group by 40.3% during the 1st quarter. National Bank of Canada FI now owns 242,023 shares of the real estate investment trust's stock valued at $40,195,000 after acquiring an additional 69,472 shares in the last quarter. Citigroup Inc. lifted its stake in Simon Property Group by 66.0% during the 1st quarter. Citigroup Inc. now owns 350,059 shares of the real estate investment trust's stock valued at $58,138,000 after acquiring an additional 139,137 shares in the last quarter. Hudson Canyon Capital Management purchased a new position in Simon Property Group during the 1st quarter worth $2,242,000. Finally, AlphaCore Capital LLC grew its stake in shares of Simon Property Group by 11.6% in the 1st quarter. AlphaCore Capital LLC now owns 3,381 shares of the real estate investment trust's stock worth $562,000 after acquiring an additional 352 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a research note on Friday, July 18th. They issued a "buy" rating and a $225.00 target price on the stock. Piper Sandler reduced their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Barclays started coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 price target on the stock. Finally, Scotiabank boosted their price objective on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $182.64.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz bought 522 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average price of $159.29 per share, with a total value of $83,149.38. Following the acquisition, the director owned 58,195 shares of the company's stock, valued at approximately $9,269,881.55. The trade was a 0.91% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary M. Rodkin purchased 246 shares of the business's stock in a transaction on Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, with a total value of $39,185.34. Following the completion of the acquisition, the director owned 19,010 shares in the company, valued at approximately $3,028,102.90. This trade represents a 1.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 2,386 shares of company stock worth $380,066 over the last quarter. Insiders own 8.66% of the company's stock.

Simon Property Group Price Performance

SPG opened at $165.08 on Friday. The firm has a 50-day moving average price of $162.44 and a 200-day moving average price of $164.86. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company has a quick ratio of 1.45, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market capitalization of $53.89 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 11.03 and a beta of 1.48.

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 earnings per share 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 period in the previous year, the business earned $2.90 EPS. Simon Property Group's revenue was up 13.9% compared to the same quarter last year. Equities 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 5.2%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is 132.92%.

About Simon Property Group

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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