Summit Global Investments Has $7.82 Million Stock Holdings in Simon Property Group, Inc. $SPG

Summit Global Investments increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 263.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,662 shares of the real estate investment trust’s stock after buying an additional 30,196 shares during the quarter. Summit Global Investments’ holdings in Simon Property Group were worth $7,819,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Simon Property Group in the 2nd quarter worth $1,051,262,000. JPMorgan Chase & Co. grew its holdings in shares of Simon Property Group by 34.2% during the second quarter. JPMorgan Chase & Co. now owns 6,512,383 shares of the real estate investment trust’s stock valued at $1,046,943,000 after buying an additional 1,660,188 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Simon Property Group in the 2nd quarter worth about $68,013,000. State Street Corp raised its holdings in shares of Simon Property Group by 1.1% in the 2nd quarter. State Street Corp now owns 21,452,497 shares of the real estate investment trust’s stock worth $3,448,703,000 after acquiring an additional 228,819 shares during the last quarter. Finally, Aviva PLC lifted its position in Simon Property Group by 698.3% in the 2nd quarter. Aviva PLC now owns 243,931 shares of the real estate investment trust’s stock valued at $39,214,000 after acquiring an additional 213,374 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Insiders Place Their Bets

In other Simon Property Group news, Director Glyn Aeppel acquired 216 shares of the business’s stock in a transaction that occurred on Wednesday, December 31st. The stock was bought at an average cost of $186.00 per share, with a total value of $40,176.00. Following the acquisition, the director owned 19,481 shares in the company, valued at approximately $3,623,466. This represents a 1.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stefan M. Selig bought 201 shares of the stock in a transaction on Wednesday, December 31st. The shares were acquired at an average cost of $186.00 per share, for a total transaction of $37,386.00. Following the acquisition, the director directly owned 32,277 shares in the company, valued at approximately $6,003,522. This trade represents a 0.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 2,192 shares of company stock worth $407,712 in the last ninety days. 8.66% of the stock is owned by corporate insiders.

Simon Property Group Stock Up 3.2%

SPG opened at $189.65 on Friday. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company’s 50-day moving average price is $184.63 and its two-hundred day moving average price is $179.20. The stock has a market cap of $61.92 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 6.82 and a beta of 1.37. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 9.59.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $3.05 EPS. Simon Property Group’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. As a group, equities analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Wednesday, December 10th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.15. Simon Property Group’s dividend payout ratio is currently 128.09%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SPG shares. Truist Financial increased their price objective on Simon Property Group from $169.00 to $181.00 and gave the stock a “hold” rating in a research note on Wednesday, December 17th. Stifel Nicolaus upped their target price on shares of Simon Property Group from $179.00 to $184.00 and gave the stock a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Simon Property Group in a research report on Friday, January 9th. Deutsche Bank Aktiengesellschaft raised shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research report on Tuesday, January 20th. Finally, Piper Sandler lifted their target price 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. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $194.64.

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.