Whittier Trust Co. Acquires 2,796 Shares of Simon Property Group, Inc. (NYSE:SPG)

21 Oct 2024, 20:05 by Michael Walen · The Markets Daily

Whittier Trust Co. raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 3.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,815 shares of the real estate investment trust’s stock after buying an additional 2,796 shares during the quarter. Whittier Trust Co.’s holdings in Simon Property Group were worth $12,645,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SPG. Inspire Advisors LLC grew its position in shares of Simon Property Group by 1.6% in the 3rd quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after purchasing an additional 65 shares during the period. Diligent Investors LLC lifted its stake in Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock valued at $2,086,000 after acquiring an additional 68 shares in the last quarter. Augustine Asset Management Inc. lifted its stake in Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Simon Property Group by 1.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after acquiring an additional 68 shares in the last quarter. Finally, TIAA Trust National Association lifted its stake in Simon Property Group by 3.7% in the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 69 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Simon Property Group Stock Down 1.6 %

Shares of NYSE SPG traded down $2.82 during midday trading on Monday, hitting $174.10. 466,281 shares of the stock traded hands, compared to its average volume of 1,457,518. The company has a market cap of $56.76 billion, a PE ratio of 22.48, a P/E/G ratio of 9.70 and a beta of 1.74. Simon Property Group, Inc. has a one year low of $104.05 and a one year high of $177.08. The business has a 50 day moving average price of $165.93 and a two-hundred day moving average price of $154.66. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG – Get Free Report) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.88 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were issued a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a yield of 4.71%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is 104.19%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SPG shares. Stifel Nicolaus reissued a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Mizuho upped their price objective on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $162.78.

View Our Latest Research Report on SPG

Simon Property Group Profile

(Free Report)

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.