VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $68.01 Million Investment in Simon Property Group, Inc. $SPG

Key Points

• The Virginia Retirement Systems ET Al recently invested approximately $68.01 million in Simon Property Group, acquiring 423,069 shares, representing 0.13% of the company.
• Multiple analysts have revised their price targets for Simon Property Group, with Morgan Stanley increasing its target from $170.00 to $180.00, and a consensus target price now set at $187.31.
• Simon Property Group has increased its quarterly dividend to $2.15 per share, marking a boost from the previous dividend of $2.10, yielding approximately 4.8% annually.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 423,069 shares of the real estate investment trust's stock, valued at approximately $68,013,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.13% of Simon Property Group as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the company. Great Lakes Advisors LLC lifted its holdings in Simon Property Group by 3.7% in the 1st quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock valued at $317,000 after purchasing an additional 68 shares in the last quarter. Wedmont Private Capital raised its position in shares of Simon Property Group by 1.0% in the second quarter. Wedmont Private Capital now owns 7,040 shares of the real estate investment trust's stock valued at $1,147,000 after buying an additional 68 shares during the last quarter. PFS Partners LLC lifted its stake in shares of Simon Property Group by 13.6% in the second quarter. PFS Partners LLC now owns 568 shares of the real estate investment trust's stock worth $91,000 after buying an additional 68 shares in the last quarter. Sumitomo Life Insurance Co. boosted its position in Simon Property Group by 1.6% during the first quarter. Sumitomo Life Insurance Co. now owns 4,471 shares of the real estate investment trust's stock worth $743,000 after acquiring an additional 70 shares during the last quarter. Finally, HighPoint Advisor Group LLC grew its stake in Simon Property Group by 2.2% during the 1st quarter. HighPoint Advisor Group LLC now owns 3,471 shares of the real estate investment trust's stock valued at $544,000 after acquiring an additional 75 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 11th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Simon Property Group in a report on Tuesday, October 14th. Scotiabank lifted their price objective on Simon Property Group from $163.00 to $173.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. 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 report on Monday, August 25th. Finally, Piper Sandler lifted their price target on Simon Property Group from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $187.31.

Insider Buying and Selling

In other news, Director Larry C. Glasscock acquired 351 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average price of $185.95 per share, for a total transaction of $65,268.45. Following the acquisition, the director owned 43,536 shares of the company's stock, valued at $8,095,519.20. This represents a 0.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stefan M. Selig bought 195 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average cost of $185.95 per share, for a total transaction of $36,260.25. Following the purchase, the director owned 32,076 shares in the company, valued at $5,964,532.20. This represents a 0.61% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 2,163 shares of company stock valued at $401,605 over the last quarter. 8.66% of the stock is owned by corporate insiders.

Simon Property Group Price Performance

NYSE:SPG opened at $178.23 on Friday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The stock's fifty day moving average is $179.20 and its two-hundred day moving average is $166.31. The company has a market capitalization of $58.19 billion, a P/E ratio of 27.55, a P/E/G ratio of 13.06 and a beta of 1.50. 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 (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations 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 revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. 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 was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were issued a $2.15 dividend. This is a boost from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date was Tuesday, September 9th. This represents a $8.60 annualized dividend and a yield of 4.8%. Simon Property Group's payout ratio 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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