Kingsview Wealth Management LLC Sells 176,287 Shares of Simon Property Group, Inc. $SPG

Kingsview Wealth Management LLC lowered its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 79.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,945 shares of the real estate investment trust’s stock after selling 176,287 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Simon Property Group were worth $7,225,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SPG. Trust Co. of Toledo NA OH bought a new stake in Simon Property Group during the 2nd quarter worth approximately $25,000. Richardson Financial Services Inc. increased 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 buying an additional 111 shares during the last quarter. Clearstead Trust LLC raised its stake in shares of Simon Property Group by 68.4% during the 2nd quarter. Clearstead Trust LLC now owns 266 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 108 shares in the last quarter. WPG Advisers LLC bought a new position in shares of Simon Property Group in the 1st quarter valued at about $47,000. Finally, TCTC Holdings LLC increased its position in Simon Property Group by 93.5% during the first quarter. TCTC Holdings LLC now owns 385 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 186 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on SPG shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Simon Property Group in a report on Tuesday, October 14th. Scotiabank boosted their price objective on shares of Simon Property Group from $173.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Thursday. Barclays raised their price objective on Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Piper Sandler boosted their target price 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. Finally, Stifel Nicolaus increased their price target on Simon Property Group from $179.00 to $184.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.85.

Simon Property Group Stock Performance

Shares of SPG stock opened at $182.66 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The firm has a fifty day simple moving average of $180.74 and a two-hundred day simple moving average of $170.67. Simon Property Group, Inc. has a 12 month low of $136.34 and a 12 month high of $190.13. The firm 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.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.13. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The business’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $3.05 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. Analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $8.80 dividend on an annualized basis and a yield of 4.8%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.15. Simon Property Group’s dividend payout ratio is presently 128.09%.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 464 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were bought at an average price of $185.95 per share, with a total value of $86,280.80. Following the completion of the transaction, the director directly owned 58,659 shares in the company, valued at approximately $10,907,641.05. This represents a 0.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Larry C. Glasscock purchased 351 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The shares were bought at an average price of $185.95 per share, with a total value of $65,268.45. Following the acquisition, the director directly owned 43,536 shares of the company’s stock, valued at $8,095,519.20. This represents a 0.81% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 2,121 shares of company stock valued at $394,400. 8.66% of the stock is currently owned by company insiders.

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.