OVERSEA CHINESE BANKING Corp Ltd Purchases 8,909 Shares of Simon Property Group, Inc. $SPG

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Simon Property Group, Inc. (NYSE:SPG) by 14.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 68,752 shares of the real estate investment trust’s stock after purchasing an additional 8,909 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Simon Property Group were worth $12,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Federated Hermes Inc. lifted its holdings in Simon Property Group by 68.8% during the 2nd quarter. Federated Hermes Inc. now owns 124,912 shares of the real estate investment trust’s stock valued at $20,081,000 after purchasing an additional 50,932 shares during the last quarter. Highland Capital Management LLC acquired a new position in Simon Property Group in the second quarter worth $1,196,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Simon Property Group by 8.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 119,798 shares of the real estate investment trust’s stock worth $22,482,000 after purchasing an additional 9,267 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Simon Property Group by 740.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 177,568 shares of the real estate investment trust’s stock valued at $28,546,000 after buying an additional 156,448 shares in the last quarter. Finally, Capital Advisors Inc. OK increased its stake in shares of Simon Property Group by 0.5% in the second 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. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Simon Property Group news, Director Reuben S. Leibowitz bought 480 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was acquired at an average cost of $186.00 per share, with a total value of $89,280.00. Following the purchase, the director owned 53,639 shares in the company, valued at $9,976,854. This trade represents a 0.90% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glyn Aeppel bought 216 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were bought at an average price of $186.00 per share, for a total transaction of $40,176.00. Following the completion of the acquisition, the director directly owned 19,481 shares in the company, valued at approximately $3,623,466. This trade represents a 1.12% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 2,192 shares of company stock valued at $407,712. 8.66% of the stock is owned by company insiders.

Simon Property Group Stock Up 0.6%

Shares of NYSE:SPG opened at $185.55 on Thursday. The company has a 50 day moving average price of $184.06 and a two-hundred day moving average price of $177.69. The company has a debt-to-equity ratio of 9.59, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market capitalization of $60.58 billion, a PE ratio of 27.01, a PEG ratio of 8.78 and a beta of 1.37. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13.

Simon Property Group (NYSE:SPG) last announced 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 net margin of 38.18% and a return on equity of 79.30%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the business earned $3.05 EPS. 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. Analysts forecast 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 announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were paid a $2.20 dividend. The ex-dividend date of this dividend was Wednesday, December 10th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.15. This represents a $8.80 dividend on an annualized basis and a yield of 4.7%. Simon Property Group’s payout ratio is presently 128.09%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Simon Property Group from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. UBS Group upped their target price on shares of Simon Property Group from $180.00 to $189.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Barclays reissued a “positive” rating and set a $188.00 price target on shares of Simon Property Group in a research note on Tuesday. Truist Financial boosted their price objective on shares of Simon Property Group from $169.00 to $181.00 and gave the stock a “hold” rating in a research report on Wednesday, December 17th. Finally, Evercore ISI lifted their price target on shares of 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. Five research analysts have rated the stock with a Buy rating and nine have given 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 target price of $191.92.

Simon Property Group Company 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.