Checchi Capital Advisers LLC Lowers Stake in Simon Property Group, Inc. $SPG

Checchi Capital Advisers LLC cut its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 8.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,826 shares of the real estate investment trust’s stock after selling 515 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Simon Property Group were worth $937,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SPG. Brighton Jones LLC purchased a new stake in shares of Simon Property Group during the fourth quarter worth about $295,000. Merit Financial Group LLC grew its holdings in Simon Property Group by 84.8% in the first quarter. Merit Financial Group LLC now owns 4,465 shares of the real estate investment trust’s stock valued at $742,000 after purchasing an additional 2,049 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Simon Property Group by 41.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 718 shares of the real estate investment trust’s stock valued at $120,000 after purchasing an additional 210 shares during the period. Gateway Investment Advisers LLC grew its holdings in Simon Property Group by 9.1% in the first quarter. Gateway Investment Advisers LLC now owns 2,067 shares of the real estate investment trust’s stock valued at $343,000 after purchasing an additional 172 shares during the period. Finally, Wedmont Private Capital grew its holdings in Simon Property Group by 3.6% in the first quarter. Wedmont Private Capital now owns 6,972 shares of the real estate investment trust’s stock valued at $1,158,000 after purchasing an additional 245 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Barclays assumed coverage on shares of Simon Property Group in a report on Wednesday, July 2nd. They issued an “equal weight” rating and a $170.00 target price for the company. Stifel Nicolaus downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating and set a $179.00 target price for the company. in a report on Tuesday, September 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Simon Property Group in a report on Saturday, September 27th. Piper Sandler boosted their price objective on shares of Simon Property Group from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a “neutral” rating in a research note on Friday, August 22nd. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $186.46.

Simon Property Group Price Performance

SPG opened at $185.58 on Monday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $190.13. The company has a 50 day moving average of $176.78 and a two-hundred day moving average of $165.51. The company has a market cap of $60.59 billion, a P/E ratio of 28.68, a P/E/G ratio of 11.22 and a beta of 1.50.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company posted $2.90 earnings per share. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, 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 announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were given a dividend of $2.15 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.6%. Simon Property Group’s dividend payout ratio is presently 132.92%.

Insider Buying and Selling at Simon Property Group

In other news, Director Daniel C. Smith bought 335 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, with a total value of $62,293.25. Following the completion of the transaction, the director owned 32,333 shares in the company, valued at approximately $6,012,321.35. This trade represents a 1.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reuben S. Leibowitz bought 464 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The shares were purchased at an average cost of $185.95 per share, for a total transaction of $86,280.80. Following the completion of the transaction, the director owned 58,659 shares of the company’s stock, valued at approximately $10,907,641.05. This represents a 0.80% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 2,163 shares of company stock valued at $401,605. 8.60% of the stock is owned by company insiders.

Simon Property Group 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.