Geode Capital Management LLC Raises Stake in Simon Property Group, Inc. $SPG

Geode Capital Management LLC increased its position in Simon Property Group, Inc. (NYSE:SPG) by 1.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 9,592,471 shares of the real estate investment trust’s stock after acquiring an additional 127,636 shares during the period. Geode Capital Management LLC’s holdings in Simon Property Group were worth $1,536,565,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Highland Capital Management LLC acquired a new position in shares of Simon Property Group during the 2nd quarter valued at about $1,196,000. Capital Advisors Inc. OK boosted its position in shares of Simon Property Group by 0.5% in the second quarter. Capital Advisors Inc. OK now owns 393,756 shares of the real estate investment trust’s stock worth $63,300,000 after acquiring an additional 2,064 shares during the last quarter. Nordea Investment Management AB grew its holdings in Simon Property Group by 5.7% in the second quarter. Nordea Investment Management AB now owns 29,781 shares of the real estate investment trust’s stock valued at $4,731,000 after purchasing an additional 1,607 shares during the period. MinichMacGregor Wealth Management LLC purchased a new stake in Simon Property Group in the second quarter valued at approximately $283,000. Finally, Focus Partners Wealth increased its position in Simon Property Group by 89.0% during the first quarter. Focus Partners Wealth now owns 114,156 shares of the real estate investment trust’s stock worth $18,959,000 after purchasing an additional 53,764 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $183.90 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The stock has a 50 day moving average of $180.69 and a 200-day moving average of $170.22. The stock has a market cap of $60.04 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 12.73 and a beta of 1.50. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.13. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.41 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.05 EPS. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. On average, analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th will be issued a $2.20 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.15. This represents a $8.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Wednesday, December 10th. Simon Property Group’s dividend payout ratio is presently 128.09%.

Insider Activity

In other news, Director Glyn Aeppel purchased 208 shares of the stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average cost of $185.95 per share, for a total transaction of $38,677.60. Following the acquisition, the director owned 19,265 shares of the company’s stock, valued at $3,582,326.75. The trade was a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gary M. Rodkin purchased 219 shares of the company’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 $40,723.05. Following the completion of the transaction, the director owned 19,229 shares in the company, valued at approximately $3,575,632.55. This represents a 1.15% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 2,121 shares of company stock valued at $394,400 over the last three months. Company insiders own 8.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Truist Financial lifted 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. Barclays lifted their price objective on Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a “buy” rating and a $225.00 price target on the stock. Evercore ISI increased 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 report on Friday, October 17th. Finally, Stifel Nicolaus lifted their target price on shares of Simon Property Group from $179.00 to $184.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $188.85.

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.