Global X Japan Co. Ltd. acquires 764 shares of Simon Property Group, Inc. (NYSE:SPG)

VaselineSeptember 11, 2024

0 4 minutes read

Global X Japan Co. Ltd. acquired a new stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 764 shares of the real estate investment trust’s stock, valued at approximately $116,000.

Several other hedge funds and other institutional investors have recently added to or reduced their stakes in SPG. Clearstead Trust LLC purchased a new stake in Simon Property Group in the first quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new stake in Simon Property Group in the second quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in shares of Simon Property Group in the first quarter valued at approximately $26,000. Cape Investment Advisory Inc. raised its stake in shares of Simon Property Group by 3,200.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 198 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 192 shares in the last quarter. Finally, RFP Financial Group LLC raised its stake in shares of Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s shares.

Simon Property Group stocks rose 1.3%

Shares of Simon Property Group stock opened at $163.96 on Wednesday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04, and a quick ratio of 2.04. Simon Property Group, Inc. it has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The company’s 50-day simple moving average is $156.51, and its 200-day simple moving average is $151.32. The firm has a market cap of $53.46 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 9.01 and a beta of 1.74.

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Simon Property Group (NYSE:SPG – Get Free Report ) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm posted EPS of $2.88. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 12.85 EPS for the current year.

Simon Property Group increases dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $2.05 dividend. The ex-dividend date is Monday, September 9. This represents a dividend of $8.20 on an annualized basis and a yield of 5.00%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is currently 101.91%.

Inside Buying and Selling at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction on Friday, June 28th. The shares were purchased at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the SEC, which is accessible via this link. Insiders own 8.50% of the company’s shares.

Analyst upgrades and downgrades

Several brokerages have recently issued reports on SPG. Stifel Nicolaus upped their target price on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research note on Tuesday, August 6th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Evercore ISI upped their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Piper Sandler restated a “neutral” rating and issued a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Scotiabank lifted their price objective on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, 26 August. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and a consensus price target of $161.28.

Get the latest research report on Simon Property Group

Simon Property Group company profile

(Free Report)

Simon is a real estate investment trust involved in the ownership of leading shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties in North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.