GeoWealth Management LLC Sells 4,788 Shares of Simon Property Group, Inc. $SPG

GeoWealth Management LLC reduced its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 17.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 22,175 shares of the real estate investment trust’s stock after selling 4,788 shares during the period. GeoWealth Management LLC’s holdings in Simon Property Group were worth $3,565,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Simon Property Group during the second quarter worth $1,051,262,000. Nuveen LLC acquired a new position in Simon Property Group in the 1st quarter worth $724,937,000. JPMorgan Chase & Co. increased its holdings in Simon Property Group by 34.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,512,383 shares of the real estate investment trust’s stock worth $1,046,943,000 after purchasing an additional 1,660,188 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Simon Property Group by 25.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,976,076 shares of the real estate investment trust’s stock worth $494,267,000 after purchasing an additional 604,016 shares in the last quarter. Finally, Resolution Capital Ltd raised its stake in shares of Simon Property Group by 45.8% in the 1st quarter. Resolution Capital Ltd now owns 1,799,574 shares of the real estate investment trust’s stock valued at $298,873,000 after purchasing an additional 565,084 shares during the period. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler upped their price objective on Simon Property Group from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Scotiabank boosted their target price on Simon Property Group from $173.00 to $186.00 and gave the company a “sector perform” rating in a research note on Thursday, November 13th. Morgan Stanley upped their price target on 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. Argus reaffirmed a “buy” rating and set a $185.00 price target on shares of Simon Property Group in a research note on Friday, September 5th. Finally, Evercore ISI lifted their price objective on shares of Simon Property Group from $187.00 to $188.00 and gave the company an “in-line” rating in a report on Friday, October 17th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $189.93.

Simon Property Group Stock Performance

SPG opened at $183.20 on Friday. The business’s 50-day simple moving average is $181.09 and its 200 day simple moving average is $172.56. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. 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 firm has a market capitalization of $59.81 billion, a PE ratio of 26.67, a PEG ratio of 8.88 and a beta of 1.37.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm earned $3.05 EPS. The business’s quarterly 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, sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th will be paid a $2.20 dividend. This is an increase 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 4.8%. The ex-dividend date is Wednesday, December 10th. Simon Property Group’s dividend payout ratio is 125.18%.

Insiders Place Their Bets

In related news, Director Glyn Aeppel acquired 208 shares of Simon Property Group 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 completion of the transaction, the director directly owned 19,265 shares in the company, valued at $3,582,326.75. This trade represents a 1.09% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel C. Smith bought 335 shares of Simon Property Group stock in a transaction that occurred on Tuesday, September 30th. The shares were bought at an average cost of $185.95 per share, with a total value of $62,293.25. Following the acquisition, the director directly owned 32,333 shares in the company, valued at $6,012,321.35. This trade represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 2,121 shares of company stock worth $394,400 in the last three months. Insiders own 8.66% of the company’s stock.

Simon Property Group Company Profile

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.