Rhumbline Advisers Sells 10,109 Shares of Simon Property Group, Inc. $SPG

Rhumbline Advisers lessened its holdings in Simon Property Group, Inc. (NYSE:SPG) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 675,404 shares of the real estate investment trust’s stock after selling 10,109 shares during the quarter. Rhumbline Advisers’ holdings in Simon Property Group were worth $108,578,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SPG. Mufg Securities Americas Inc. raised its stake in Simon Property Group by 25.3% during the second quarter. Mufg Securities Americas Inc. now owns 6,800 shares of the real estate investment trust’s stock worth $1,093,000 after acquiring an additional 1,371 shares in the last quarter. Journey Strategic Wealth LLC boosted its holdings in shares of Simon Property Group by 17.9% during the 2nd quarter. Journey Strategic Wealth LLC now owns 2,816 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 428 shares in the last quarter. Archer Investment Corp grew its position in Simon Property Group by 7,619.0% during the 2nd quarter. Archer Investment Corp now owns 1,621 shares of the real estate investment trust’s stock worth $261,000 after acquiring an additional 1,600 shares during the last quarter. Mediolanum International Funds Ltd increased its holdings in Simon Property Group by 488.5% in the 2nd quarter. Mediolanum International Funds Ltd now owns 25,235 shares of the real estate investment trust’s stock worth $4,050,000 after purchasing an additional 20,947 shares in the last quarter. Finally, White Pine Capital LLC increased its holdings in Simon Property Group by 8.4% in the 2nd quarter. White Pine Capital LLC now owns 3,499 shares of the real estate investment trust’s stock worth $562,000 after purchasing an additional 270 shares in the last quarter. Institutional investors own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SPG has been the subject of a number of research reports. Evercore ISI raised their price objective on shares of Simon Property Group from $187.00 to $188.00 and gave the company an “in-line” rating in a report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Simon Property Group in a research report on Tuesday, October 14th. Scotiabank increased their price target on Simon Property Group from $173.00 to $186.00 and gave the company a “sector perform” rating in a research note on Thursday, November 13th. Barclays lifted their price objective on Simon Property Group from $180.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Argus restated a “buy” rating and set a $185.00 price target on shares of Simon Property Group in a report on Friday, September 5th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and an average target price of $190.31.

Insider Activity

In related news, Director Reuben S. Leibowitz purchased 464 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was bought at an average price of $185.95 per share, for a total transaction of $86,280.80. Following the purchase, the director directly owned 58,659 shares in the company, valued at approximately $10,907,641.05. This trade represents a 0.80% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel C. Smith bought 335 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was purchased at an average cost of $185.95 per share, with a total value of $62,293.25. Following the completion of the transaction, 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 2,121 shares of company stock worth $394,400. 8.66% of the stock is owned by insiders.

Simon Property Group Stock Up 1.8%

Shares of Simon Property Group stock opened at $183.29 on Friday. The stock’s 50-day moving average is $180.71 and its 200 day moving average is $171.33. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13. The firm has a market cap of $59.84 billion, a price-to-earnings ratio of 28.33, 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 (NYSE:SPG) last issued its quarterly earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.13. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $3.05 earnings per share. The company’s revenue was up 8.2% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. Equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

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

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.