DAVENPORT & Co LLC Sells 2,121 Shares of Simon Property Group, Inc. $SPG

DAVENPORT & Co LLC cut its position in Simon Property Group, Inc. (NYSE:SPG) by 22.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,518 shares of the real estate investment trust’s stock after selling 2,121 shares during the period. DAVENPORT & Co LLC’s holdings in Simon Property Group were worth $1,209,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPG. Park Square Financial Group LLC boosted its position in Simon Property Group by 108.0% in the first quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 81 shares in the last quarter. Richardson Financial Services Inc. boosted its position in Simon Property Group by 185.0% in the first 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 in the last quarter. Continuum Advisory LLC boosted its position in Simon Property Group by 421.6% in the first 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 in the last quarter. WPG Advisers LLC acquired a new position in Simon Property Group in the first quarter valued at about $47,000. Finally, Grove Bank & Trust boosted its position in Simon Property Group by 231.3% in the first quarter. Grove Bank & Trust now owns 381 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 266 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Simon Property Group

In other news, Director Larry C. Glasscock bought 351 shares of the stock in a transaction on Tuesday, September 30th. The stock was purchased at an average price of $185.95 per share, with a total value of $65,268.45. Following the completion of the purchase, the director owned 43,536 shares of the company’s stock, valued at approximately $8,095,519.20. This trade represents a 0.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Glyn Aeppel bought 208 shares of the 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 $38,677.60. Following the purchase, the director directly owned 19,265 shares of the company’s stock, valued at approximately $3,582,326.75. This represents a 1.09% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,163 shares of company stock valued at $401,605. Corporate insiders own 8.66% of the company’s stock.

Simon Property Group Trading Down 1.9%

SPG opened at $175.39 on Friday. The company has a debt-to-equity ratio of 9.05, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $57.26 billion, a price-to-earnings ratio of 27.11, a price-to-earnings-growth ratio of 10.83 and a beta of 1.50. The firm has a 50 day simple moving average of $178.12 and a 200 day simple moving average of $165.96. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.13.

Simon Property Group (NYSE:SPG) last posted its quarterly 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 the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. Simon Property Group’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were paid a dividend of $2.15 per share. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.9%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.10. The ex-dividend date of this dividend was Tuesday, September 9th. Simon Property Group’s payout ratio is presently 132.92%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Evercore ISI reiterated an “in-line” rating and set a $187.00 target price (up from $183.00) on shares of Simon Property Group in a research report on Monday, September 15th. Barclays upped their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Monday. Morgan Stanley upped their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Simon Property Group in a research report on Saturday, September 27th. Finally, Argus reiterated a “buy” rating and set a $185.00 target price on shares of Simon Property Group in a research report on Friday, September 5th. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $187.23.

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.