Westpac Banking Corp Purchases Shares of 36,666 Simon Property Group, Inc. $SPG

Key Points

• Westpac Banking Corp initiated a position in Simon Property Group, buying 36,666 shares valued at approximately $8.2 million. Institutional investors collectively own 93.01% of SPG.
• Analysts maintain a broadly neutral outlook, with a consensus “Hold” rating and an average price target of $223. Jefferies upgraded the stock to “strong buy,” while other firms raised targets or maintained hold ratings.
• Simon Property Group reported quarterly revenue of $1.79 billion, up 19.5% year over year, but earnings per share of $1.49 missed estimates. The company declared a quarterly dividend of $2.25, equivalent to a 4.1% annualized yield.

Westpac Banking Corp purchased a new position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 36,666 shares of the real estate investment trust's stock, valued at approximately $8,200,000.

A number of other institutional investors have also modified their holdings of SPG. PFG Investments LLC boosted its stake in shares of Simon Property Group by 2.2% in the first quarter. PFG Investments LLC now owns 2,341 shares of the real estate investment trust's stock worth $437,000 after buying an additional 50 shares during the last quarter. WPG Advisers LLC grew its holdings in Simon Property Group by 40.3% during the second quarter. WPG Advisers LLC now owns 181 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 52 shares during the period. Great Valley Advisor Group Inc. raised its position in Simon Property Group by 2.3% during the fourth quarter. Great Valley Advisor Group Inc. now owns 2,360 shares of the real estate investment trust's stock valued at $437,000 after acquiring an additional 52 shares in the last quarter. Veridan Wealth LLC raised its position in Simon Property Group by 1.2% during the fourth quarter. Veridan Wealth LLC now owns 4,563 shares of the real estate investment trust's stock valued at $845,000 after acquiring an additional 53 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its holdings in Simon Property Group by 6.2% in the fourth quarter. CYBER HORNET ETFs LLC now owns 936 shares of the real estate investment trust's stock valued at $173,000 after acquiring an additional 55 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SPG shares. Citigroup upped their price objective on Simon Property Group from $205.00 to $230.00 and gave the stock a "neutral" rating in a research report on Monday. Stifel Nicolaus lifted their target price on shares of Simon Property Group from $194.00 to $209.00 and gave the company a "hold" rating in a report on Tuesday, August 11th. Wolfe Research cut shares of Simon Property Group from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, June 30th. Truist Financial increased their price target on shares of Simon Property Group from $196.00 to $215.00 and gave the stock a "hold" rating in a report on Tuesday, June 23rd. Finally, Jefferies Financial Group upgraded shares of Simon Property Group to a "strong-buy" rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $223.00.

Insider Transactions at Simon Property Group

In other news, Director Gary M. Rodkin purchased 256 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $223.34 per share, for a total transaction of $57,175.04. Following the completion of the transaction, the director owned 21,016 shares of the company's stock, valued at $4,693,713.44. This trade represents a 1.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Larry C. Glasscock purchased 397 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average price of $223.38 per share, with a total value of $88,681.86. Following the completion of the transaction, the director directly owned 45,902 shares of the company's stock, valued at $10,253,588.76. This represents a 0.87% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 2,387 shares of company stock valued at $533,056. Insiders own 8.73% of the company's stock.

Simon Property Group Stock Down 0.6%

SPG stock opened at $218.52 on Friday. Simon Property Group, Inc. has a 52 week low of $172.19 and a 52 week high of $238.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 5.19. The firm has a 50-day simple moving average of $223.06 and a 200-day simple moving average of $207.13. The stock has a market capitalization of $70.70 billion, a P/E ratio of 15.41, a P/E/G ratio of 2.74 and a beta of 1.30.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.64 by ($0.15). Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the business posted $1.70 earnings per share. The company's quarterly revenue was up 19.5% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. Equities analysts forecast that Simon Property Group, Inc. will post 13.2 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be paid a $2.25 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.1%. Simon Property Group's payout ratio is currently 63.47%.

Simon Property Group Profile

Simon Property Group, Inc NYSE: SPG is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon's portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.

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