Spire Wealth Management Reduces Stock Holdings in Simon Property Group, Inc. $SPG

Spire Wealth Management reduced its position in Simon Property Group, Inc. (NYSE:SPG) by 48.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,084 shares of the real estate investment trust’s stock after selling 2,930 shares during the quarter. Spire Wealth Management’s holdings in Simon Property Group were worth $579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its position in shares of Simon Property Group by 68.8% during the second quarter. Federated Hermes Inc. now owns 124,912 shares of the real estate investment trust’s stock worth $20,081,000 after acquiring an additional 50,932 shares in the last quarter. Highland Capital Management LLC bought a new position in Simon Property Group in the 2nd quarter worth about $1,196,000. Arrowstreet Capital Limited Partnership boosted its stake in Simon Property Group by 740.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 177,568 shares of the real estate investment trust’s stock worth $28,546,000 after purchasing an additional 156,448 shares during the period. Capital Advisors Inc. OK grew its holdings in Simon Property Group by 0.5% during the 2nd quarter. Capital Advisors Inc. OK now owns 393,756 shares of the real estate investment trust’s stock valued at $63,300,000 after buying an additional 2,064 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Simon Property Group by 4.4% during the third quarter. Asset Management One Co. Ltd. now owns 620,397 shares of the real estate investment trust’s stock valued at $116,430,000 after buying an additional 26,343 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SPG shares. Piper Sandler raised their price objective on shares of Simon Property Group from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Truist Financial raised their price target on shares of Simon Property Group from $169.00 to $181.00 and gave the company a “hold” rating in a report on Wednesday, December 17th. Scotiabank boosted their price target on shares of Simon Property Group from $173.00 to $186.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Evercore ISI increased their price objective on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Finally, Mizuho set a $192.00 price objective on Simon Property Group in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and a consensus price target of $191.54.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $184.60 on Friday. The company’s fifty day moving average price is $183.78 and its 200-day moving average price is $177.16. The company has a debt-to-equity ratio of 9.59, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization of $60.27 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 8.81 and a beta of 1.37. Simon Property Group, Inc. has a one year low of $136.34 and a one year high of $190.13.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.13. Simon Property Group had a return on equity of 79.30% and a net margin of 38.18%.The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the firm earned $3.05 earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. On average, equities research analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

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

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Larry C. Glasscock purchased 363 shares of the firm’s stock in a transaction on Wednesday, December 31st. The shares were purchased at an average cost of $186.00 per share, with a total value of $67,518.00. Following the completion of the purchase, the director owned 43,899 shares of the company’s stock, valued at $8,165,214. The trade was a 0.83% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary M. Rodkin acquired 226 shares of the stock in a transaction dated Wednesday, December 31st. The stock was acquired at an average price of $186.00 per share, with a total value of $42,036.00. Following the completion of the acquisition, the director owned 19,455 shares in the company, valued at approximately $3,618,630. The trade was a 1.18% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 2,192 shares of company stock worth $407,712 in the last quarter. 8.66% of the stock is owned by company insiders.

Simon Property Group Profile

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed?use retail destinations. The company operates retail brands that include high?profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open?air centers, outlet properties and mixed?use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.