Vanguard Group Inc. Purchases 267,503 Shares of Simon Property Group, Inc. (NYSE:SPG)

Key Points

• Vanguard Group Inc. increased its stake in Simon Property Group, Inc. by 0.6%, owning approximately 14.00% of the company, valued at $7.59 billion after acquiring an additional 267,503 shares.
• Simon Property Group announced a quarterly dividend increase to $2.15 per share, up from the previous $2.10, representing a dividend yield of 5.1%.
• Analysts have mixed ratings for Simon Property Group, with a consensus rating of "Hold" and an average target price of $182.64 per share, reflecting recent adjustments from several financial institutions.

Vanguard Group Inc. increased its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,689,998 shares of the real estate investment trust's stock after purchasing an additional 267,503 shares during the quarter. Vanguard Group Inc. owned approximately 14.00% of Simon Property Group worth $7,588,195,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Park Square Financial Group LLC grew its stake in Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 81 shares in the last quarter. Richardson Financial Services Inc. lifted its holdings in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock worth $28,000 after buying an additional 111 shares during the period. Continuum Advisory LLC lifted its holdings in Simon Property Group by 421.6% during the first quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock worth $32,000 after buying an additional 156 shares during the period. Colonial Trust Co SC lifted its holdings in Simon Property Group by 37.5% during the fourth quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the period. Finally, AdvisorNet Financial Inc lifted its holdings in Simon Property Group by 77.2% during the first quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock worth $36,000 after buying an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Scotiabank upped their target price on Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Mizuho lowered their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a report on Tuesday, June 10th. JPMorgan Chase & Co. lowered their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Barclays assumed coverage on Simon Property Group in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $170.00 target price for the company. Finally, Piper Sandler lowered 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. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $182.64.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 522 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was purchased at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the purchase, the director directly owned 58,195 shares in the company, 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 accessible through this link. Also, Director Glyn Aeppel acquired 234 shares of Simon Property Group stock in a transaction dated Monday, June 30th. The stock was purchased at an average price of $159.29 per share, with a total value of $37,273.86. Following the completion of the purchase, the director owned 19,057 shares of the company's stock, valued at approximately $3,035,589.53. The trade was a 1.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 2,386 shares of company stock valued at $380,066. 8.66% of the stock is owned by company insiders.

Simon Property Group Stock Performance

Shares of SPG opened at $167.58 on Thursday. The stock has a 50-day moving average of $162.34 and a two-hundred day moving average of $165.04. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.45 and a current ratio of 1.23. The stock has a market cap of $54.70 billion, a P/E ratio of 25.90, a P/E/G ratio of 11.34 and a beta of 1.48. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) 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 firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the business posted $2.90 earnings per share. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, 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. Stockholders of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 annualized dividend and a dividend yield of 5.1%. Simon Property Group's dividend payout ratio (DPR) is 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.

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