Accuvest Global Advisors Lowers Position in Simon Property Group, Inc. $SPG

Accuvest Global Advisors cut its holdings in Simon Property Group, Inc. (NYSE:SPG) by 48.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,556 shares of the real estate investment trust’s stock after selling 1,442 shares during the quarter. Accuvest Global Advisors’ holdings in Simon Property Group were worth $250,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SPG. Nuveen LLC purchased a new stake in Simon Property Group in the first quarter worth about $724,937,000. Massachusetts Financial Services Co. MA purchased a new stake in Simon Property Group in the first quarter worth about $197,377,000. Goldman Sachs Group Inc. lifted its stake in Simon Property Group by 25.5% in the first quarter. Goldman Sachs Group Inc. now owns 2,976,076 shares of the real estate investment trust’s stock worth $494,267,000 after acquiring an additional 604,016 shares during the period. Resolution Capital Ltd lifted its stake in Simon Property Group by 45.8% in the first quarter. Resolution Capital Ltd now owns 1,799,574 shares of the real estate investment trust’s stock worth $298,873,000 after acquiring an additional 565,084 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Simon Property Group in the second quarter worth about $68,013,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SPG shares. Evercore ISI upped their price objective on shares of Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Truist Financial boosted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a “hold” rating in a report on Monday, August 25th. Scotiabank boosted their target price on shares of Simon Property Group from $163.00 to $173.00 and gave the stock a “sector perform” rating in a report on Thursday, August 28th. Argus reiterated a “buy” rating and issued a $185.00 target price on shares of Simon Property Group in a report on Friday, September 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Simon Property Group in a report on Tuesday, October 14th. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $187.31.

Insider Activity

In related news, Director Reuben S. Leibowitz acquired 464 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were purchased at an average price of $185.95 per share, for a total transaction of $86,280.80. Following the completion of the acquisition, the director directly owned 58,659 shares in the company, valued at $10,907,641.05. The trade was a 0.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Larry C. Glasscock acquired 351 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were bought 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 approximately $8,095,519.20. This represents a 0.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 2,163 shares of company stock valued at $401,605. 8.66% of the stock is owned by company insiders.

Simon Property Group Stock Performance

SPG opened at $175.95 on Friday. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market cap of $57.45 billion, a P/E ratio of 27.19, a price-to-earnings-growth ratio of 12.73 and a beta of 1.50. The firm’s 50-day moving average price is $180.19 and its 200-day moving average price is $168.52.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company posted $2.90 earnings per share. The company’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. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were issued a dividend of $2.15 per share. This represents a $8.60 annualized dividend and a dividend yield of 4.9%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date was Tuesday, September 9th. Simon Property Group’s dividend payout ratio is currently 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.