Westpac Banking Corp Reduces Position in Simon Property Group, Inc. $SPG

Westpac Banking Corp trimmed its position in Simon Property Group, Inc. (NYSE:SPG) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,253 shares of the real estate investment trust’s stock after selling 2,640 shares during the quarter. Westpac Banking Corp’s holdings in Simon Property Group were worth $6,793,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Highland Capital Management LLC purchased a new stake in shares of Simon Property Group in the second quarter worth $1,196,000. Capital Advisors Inc. OK raised its holdings in Simon Property Group by 0.5% in the 2nd quarter. Capital Advisors Inc. OK now owns 393,756 shares of the real estate investment trust’s stock worth $63,300,000 after acquiring an additional 2,064 shares during the last quarter. Nordea Investment Management AB lifted its position in Simon Property Group by 5.7% in the 2nd quarter. Nordea Investment Management AB now owns 29,781 shares of the real estate investment trust’s stock valued at $4,731,000 after acquiring an additional 1,607 shares in the last quarter. MinichMacGregor Wealth Management LLC purchased a new stake in Simon Property Group during the 2nd quarter valued at $283,000. Finally, Focus Partners Wealth boosted its stake in Simon Property Group by 89.0% during the 1st quarter. Focus Partners Wealth now owns 114,156 shares of the real estate investment trust’s stock valued at $18,959,000 after purchasing an additional 53,764 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $182.66 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 stock has a market capitalization of $59.63 billion, a PE ratio of 28.23, a price-to-earnings-growth ratio of 12.73 and a beta of 1.50. The firm’s 50 day moving average price is $180.74 and its 200-day moving average price is $170.58. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.13. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $3.05 earnings per share. 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. Equities research analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th will be issued a dividend of $2.20 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.15. This represents a $8.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Wednesday, December 10th. Simon Property Group’s dividend payout ratio is presently 128.09%.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock acquired 351 shares of the stock in a transaction dated Tuesday, September 30th. The shares were purchased at an average cost of $185.95 per share, with a total value of $65,268.45. Following the transaction, the director directly owned 43,536 shares in the company, valued at approximately $8,095,519.20. This represents a 0.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gary M. Rodkin bought 219 shares of Simon Property Group stock in a transaction that occurred on Tuesday, September 30th. The stock was purchased at an average cost of $185.95 per share, with a total value of $40,723.05. Following the completion of the acquisition, the director directly owned 19,229 shares in the company, valued at $3,575,632.55. This represents a 1.15% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 2,121 shares of company stock valued at $394,400. 8.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SPG shares. Truist Financial upped their price target on Simon Property Group from $168.00 to $169.00 and gave the company a “hold” rating in a report on Monday, August 25th. Barclays upped their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Piper Sandler raised their price target on shares of Simon Property Group from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Simon Property Group in a report on Tuesday, October 14th. Finally, Argus restated a “buy” rating and set a $185.00 price objective on shares of Simon Property Group in a research report on Friday, September 5th. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $189.85.

About Simon Property Group

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.