Voya Investment Management LLC Acquires 29,479 Shares of Simon Property Group, Inc. $SPG

Key Points

• Voya Investment Management LLC increased its stake in Simon Property Group, Inc. by 16.3%, now holding approximately $35 million worth of shares.
• Simon Property Group has announced a quarterly dividend of $2.15 per share, reflecting a 4.7% yield, an increase from the previous $2.10.
• Analysts have mixed ratings for Simon Property Group, with a consensus average target price of $184.54 and a mix of buy and hold recommendations.

Voya Investment Management LLC grew its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 16.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 210,720 shares of the real estate investment trust's stock after acquiring an additional 29,479 shares during the quarter. Voya Investment Management LLC owned 0.06% of Simon Property Group worth $34,996,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Inspire Investing LLC increased its stake in shares of Simon Property Group by 5.7% in the 1st quarter. Inspire Investing LLC now owns 32,259 shares of the real estate investment trust's stock valued at $5,358,000 after acquiring an additional 1,750 shares during the last quarter. Modern Wealth Management LLC increased its stake in shares of Simon Property Group by 5.5% in the 1st quarter. Modern Wealth Management LLC now owns 29,508 shares of the real estate investment trust's stock valued at $4,901,000 after acquiring an additional 1,527 shares during the last quarter. Anderson Financial Strategies LLC bought a new stake in shares of Simon Property Group in the 1st quarter valued at about $147,000. Strs Ohio acquired a new position in shares of Simon Property Group in the 1st quarter valued at approximately $37,726,000. Finally, Acadian Asset Management LLC grew its position in shares of Simon Property Group by 354.5% in the 1st quarter. Acadian Asset Management LLC now owns 530,630 shares of the real estate investment trust's stock valued at $88,115,000 after purchasing an additional 413,871 shares during the period. 93.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPG has been the subject of several research analyst reports. Morgan Stanley boosted 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 Thursday. Scotiabank boosted their price objective on Simon Property Group from $163.00 to $173.00 and gave the company a "sector perform" rating in a research report on Thursday, August 28th. Piper Sandler decreased their price objective on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Evercore ISI reiterated an "in-line" rating and issued a $187.00 price objective (up from $183.00) on shares of Simon Property Group in a research report on Monday. Finally, Argus reiterated a "buy" rating and issued a $185.00 price objective on shares of Simon Property Group in a research report on Friday, September 5th. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $185.69.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 522 shares of the stock in a transaction on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, with a total value of $83,149.38. Following the transaction, the director directly owned 58,195 shares of the company's stock, valued at $9,269,881.55. This trade represents a 0.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Glyn Aeppel purchased 234 shares of the stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, for a total transaction of $37,273.86. Following the transaction, the director directly owned 19,057 shares in the company, 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 three months, insiders have acquired 2,428 shares of company stock worth $387,271. Corporate insiders own 8.66% of the company's stock.

Simon Property Group Stock Up 0.8%

NYSE SPG traded up $1.50 during trading on Monday, hitting $183.97. The stock had a trading volume of 1,570,777 shares, compared to its average volume of 1,637,094. The company has a market capitalization of $60.07 billion, a PE ratio of 28.43, a P/E/G ratio of 11.05 and a beta of 1.50. The company's 50-day moving average price is $171.11 and its two-hundred day moving average price is $164.14. The company has a debt-to-equity ratio of 9.05, a quick ratio of 1.23 and a current ratio of 1.23. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13.

Simon Property Group (NYSE:SPG - Get Free Report) last released its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. The firm had revenue of $1.50 billion for 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 business's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $2.15 per share. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 4.7%. Simon Property Group's payout ratio is presently 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.