Whittier Trust Co. Boosts Stock Position in Simon Property Group, Inc. $SPG

Key Points

• Whittier Trust Co. increased its holdings in Simon Property Group, Inc. by 2.1%, acquiring a total of 80,231 shares worth approximately $12.9 million.
• Several institutional investors have also boosted their positions in Simon Property Group, with 93.01% of the company's stock now owned by these entities.
• Analysts have set new price targets for the stock, with a consensus rating of "Hold" and a target price of $187.31.

Whittier Trust Co. boosted its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,231 shares of the real estate investment trust's stock after purchasing an additional 1,687 shares during the period. Whittier Trust Co.'s holdings in Simon Property Group were worth $12,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SPG. Brighton Jones LLC purchased a new position in Simon Property Group in the fourth quarter worth $295,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Simon Property Group by 9.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,854 shares of the real estate investment trust's stock valued at $4,294,000 after buying an additional 2,194 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Simon Property Group by 28.3% during the 1st quarter. Blue Trust Inc. now owns 1,643 shares of the real estate investment trust's stock valued at $273,000 after buying an additional 362 shares during the last quarter. Continuum Advisory LLC lifted its position in shares of Simon Property Group by 421.6% during the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Simon Property Group by 4.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 35,710 shares of the real estate investment trust's stock valued at $5,931,000 after buying an additional 1,445 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Scotiabank upped their price target 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. Truist Financial upped their price target on Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a research report on Monday, August 25th. Piper Sandler upped their price target on Simon Property Group from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Morgan Stanley upped their price target on Simon Property Group from $170.00 to $180.00 and gave the company an "equal weight" rating in a research report on Thursday, September 11th. Finally, Stifel Nicolaus cut Simon Property Group from a "buy" rating to a "hold" rating and set a $179.00 price target on the stock. in a research report on Tuesday, September 2nd. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $187.31.

Simon Property Group Stock Performance

NYSE:SPG opened at $178.79 on Wednesday. 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 52-week low of $136.34 and a 52-week high of $190.13. The firm has a market cap of $58.37 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 13.09 and a beta of 1.50. The business's fifty day moving average is $179.65 and its 200 day moving average is $166.71.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $2.90 EPS. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Research analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th were paid a $2.15 dividend. The ex-dividend date was Tuesday, September 9th. This represents a $8.60 dividend on an annualized basis and a yield of 4.8%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio is currently 132.92%.

Insiders Place Their Bets

In other Simon Property Group news, Director Daniel C. Smith bought 335 shares of the firm's stock in a transaction on Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, for a total transaction of $62,293.25. Following the purchase, the director directly owned 32,333 shares of the company's stock, valued at $6,012,321.35. The trade was a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Larry C. Glasscock bought 351 shares of the firm's stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, for a total transaction of $65,268.45. Following the completion of the purchase, the director directly owned 43,536 shares in the company, valued at approximately $8,095,519.20. The trade was a 0.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 2,163 shares of company stock worth $401,605. 8.60% of the stock is owned by corporate insiders.

Simon Property Group Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.