Police & Firemen s Retirement System of New Jersey Boosts Stake in Simon Property Group, Inc. $SPG

Police & Firemen s Retirement System of New Jersey raised its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 49,502 shares of the real estate investment trust’s stock after buying an additional 2,396 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Simon Property Group were worth $7,958,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SPG. Trust Co. of Toledo NA OH purchased a new stake in shares of Simon Property Group in the second quarter valued at $25,000. Richardson Financial Services Inc. raised its stake in Simon Property Group by 185.0% in the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 111 shares during the last quarter. WPG Advisers LLC acquired a new position in Simon Property Group in the 1st quarter valued at about $47,000. TCTC Holdings LLC lifted its holdings in Simon Property Group by 93.5% in the 1st quarter. TCTC Holdings LLC now owns 385 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 186 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Simon Property Group during the 1st quarter worth about $81,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Trading Down 0.1%

SPG stock opened at $183.55 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05. The company has a market cap of $59.93 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 12.73 and a beta of 1.50. The business has a fifty day simple moving average of $180.73 and a 200-day simple moving average of $170.32. 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 issued its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.13. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the firm earned $3.05 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Wednesday, December 10th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.15. Simon Property Group’s dividend payout ratio (DPR) is presently 128.09%.

Insider Activity

In other Simon Property Group news, Director Gary M. Rodkin purchased 219 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average price of $185.95 per share, for a total transaction of $40,723.05. Following the completion of the acquisition, the director owned 19,229 shares of the company’s stock, valued at approximately $3,575,632.55. This represents a 1.15% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stefan M. Selig purchased 195 shares of Simon Property Group stock in a transaction on Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, for a total transaction of $36,260.25. Following the completion of the transaction, the director owned 32,076 shares of the company’s stock, valued at $5,964,532.20. This represents a 0.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 2,121 shares of company stock worth $394,400. Insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SPG shares. LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a report on Friday, July 18th. They set a “buy” rating and a $225.00 price target for the company. Truist Financial lifted their target price on shares of Simon Property Group from $168.00 to $169.00 and gave the stock a “hold” rating in a research note on Monday, August 25th. Piper Sandler boosted their price target on Simon Property Group from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Monday. Stifel Nicolaus raised their price objective on Simon Property Group from $179.00 to $184.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. lifted their price objective on Simon Property Group from $180.00 to $184.00 and gave the company a “neutral” rating in a research report on Friday, August 22nd. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $189.85.

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.