Simon Property Group, Inc. $SPG Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. lowered its position in Simon Property Group, Inc. (NYSE:SPG) by 93.7% during the second quarter, HoldingsChannel.com reports. The fund owned 1,580 shares of the real estate investment trust’s stock after selling 23,626 shares during the quarter. Patton Fund Management Inc.’s holdings in Simon Property Group were worth $254,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Park Square Financial Group LLC grew its holdings in shares of Simon Property Group by 108.0% in the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 81 shares during the period. Richardson Financial Services Inc. grew its holdings in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 111 shares during the last quarter. Continuum Advisory LLC grew its holdings in 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. AdvisorNet Financial Inc grew its holdings in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 95 shares during the last quarter. Finally, WPG Advisers LLC acquired a new stake in Simon Property Group during the 1st quarter valued at $47,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insider Transactions at Simon Property Group

In other news, Director Gary M. Rodkin bought 246 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average price of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the acquisition, the director owned 19,010 shares of the company’s stock, valued at $3,028,102.90. The trade was a 1.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Reuben S. Leibowitz bought 522 shares of Simon Property Group stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $159.29 per share, for a total transaction of $83,149.38. Following the acquisition, the director directly owned 58,195 shares of the company’s stock, valued at $9,269,881.55. The trade was a 0.91% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 2,428 shares of company stock valued at $387,271 in the last ninety days. Company insiders own 8.66% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of analyst reports. Piper Sandler increased their target price on Simon Property Group from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, September 18th. LADENBURG THALM/SH SH initiated coverage on Simon Property Group in a report on Friday, July 18th. They set a “buy” rating and a $225.00 target price on the stock. Argus reiterated a “buy” rating and set a $185.00 target price on shares of Simon Property Group in a report on Friday, September 5th. Evercore ISI reiterated an “in-line” rating and set a $187.00 target price (up previously from $183.00) on shares of Simon Property Group in a report on Monday, September 15th. Finally, Truist Financial raised their price objective on Simon Property Group from $168.00 to $169.00 and gave the stock a “hold” rating in a report on Monday, August 25th. Four equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $186.46.

Simon Property Group Price Performance

SPG stock opened at $185.29 on Friday. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The stock’s fifty day simple moving average is $174.72 and its 200-day simple moving average is $164.71. 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 stock has a market capitalization of $60.50 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 11.23 and a beta of 1.50.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share 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 firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned $2.90 earnings per share. 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. Equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 4.6%. Simon Property Group’s payout ratio is 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.