Oppenheimer Asset Management Inc. Sells 1,695 Shares of Simon Property Group, Inc. $SPG

Oppenheimer Asset Management Inc. cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 12.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,542 shares of the real estate investment trust’s stock after selling 1,695 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Simon Property Group were worth $1,855,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPG. Vanguard Group Inc. increased its stake in shares of Simon Property Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 45,689,998 shares of the real estate investment trust’s stock worth $7,588,195,000 after acquiring an additional 267,503 shares in the last quarter. Northern Trust Corp grew its holdings in Simon Property Group by 1.8% in the first quarter. Northern Trust Corp now owns 5,558,982 shares of the real estate investment trust’s stock worth $923,236,000 after purchasing an additional 96,126 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Simon Property Group by 3.0% during the first quarter. JPMorgan Chase & Co. now owns 4,852,195 shares of the real estate investment trust’s stock valued at $805,853,000 after purchasing an additional 141,657 shares in the last quarter. Nuveen LLC purchased a new position in shares of Simon Property Group during the first quarter valued at approximately $724,937,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Simon Property Group by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,661,402 shares of the real estate investment trust’s stock worth $608,086,000 after purchasing an additional 23,873 shares in the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Simon Property Group in a research report on Tuesday, October 14th. Argus reissued a “buy” rating and issued a $185.00 target price on shares of Simon Property Group in a research note on Friday, September 5th. Stifel Nicolaus lowered Simon Property Group from a “buy” rating to a “hold” rating and set a $179.00 price target for the company. in a research report on Tuesday, September 2nd. Piper Sandler upped their price target on shares of Simon Property Group from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Finally, Scotiabank increased their price objective on shares of 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. 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, Simon Property Group presently has an average rating of “Hold” and an average price target of $187.31.

Insider Buying and Selling

In other news, Director Daniel C. Smith acquired 335 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The stock was bought at an average price of $185.95 per share, with a total value of $62,293.25. Following the completion of the acquisition, the director directly owned 32,333 shares of the company’s stock, valued at approximately $6,012,321.35. The trade was a 1.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glyn Aeppel acquired 208 shares of Simon Property Group stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average price of $185.95 per share, with a total value of $38,677.60. Following the transaction, 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 position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,163 shares of company stock valued at $401,605 in the last ninety days. Corporate insiders own 8.66% of the company’s stock.

Simon Property Group Trading Down 0.1%

Shares of NYSE:SPG opened at $173.46 on Friday. The company has a market cap of $56.63 billion, a P/E ratio of 26.81, a PEG ratio of 12.73 and a beta of 1.50. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. Simon Property Group, Inc. has a 1 year low of $136.34 and a 1 year high of $190.13. The stock’s fifty day moving average price is $180.20 and its 200-day moving average price is $168.21.

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, topping analysts’ consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.40 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.Simon Property Group’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.90 EPS. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. Sell-side analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were given a dividend of $2.15 per share. This represents a $8.60 dividend on an annualized basis and a yield of 5.0%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date was Tuesday, September 9th. Simon Property Group’s 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.