Connor Clark & Lunn Investment Management Ltd. Makes New $2.40 Million Investment in Simon Property Group, Inc. $SPG

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Simon Property Group, Inc. (NYSE:SPG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 14,957 shares of the real estate investment trust’s stock, valued at approximately $2,404,000.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Simon Property Group by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 817,971 shares of the real estate investment trust’s stock valued at $131,497,000 after acquiring an additional 51,203 shares during the period. Aviva PLC lifted its stake in Simon Property Group by 698.3% in the second quarter. Aviva PLC now owns 243,931 shares of the real estate investment trust’s stock valued at $39,214,000 after purchasing an additional 213,374 shares during the last quarter. Prospera Financial Services Inc lifted its stake in Simon Property Group by 16.1% in the second quarter. Prospera Financial Services Inc now owns 20,652 shares of the real estate investment trust’s stock valued at $3,323,000 after purchasing an additional 2,860 shares during the last quarter. Summit Investment Advisors Inc. increased its position in Simon Property Group by 6.3% in the first quarter. Summit Investment Advisors Inc. now owns 3,388 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 200 shares during the last quarter. Finally, AE Wealth Management LLC increased its position in Simon Property Group by 84.5% in the second quarter. AE Wealth Management LLC now owns 2,576 shares of the real estate investment trust’s stock worth $414,000 after buying an additional 1,180 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Scotiabank upped their price target on Simon Property Group from $173.00 to $186.00 and gave the company a “sector perform” rating in a research report on Thursday. Piper Sandler upped their price objective 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. Truist Financial increased 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 report on Monday, August 25th. Barclays boosted their price target on shares of Simon Property Group from $170.00 to $180.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Simon Property Group in a research note on Tuesday, October 14th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $189.85.

Simon Property Group Trading Down 0.5%

Shares of SPG opened at $182.66 on Friday. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The stock has a market cap of $59.63 billion, a PE ratio of 28.23, a P/E/G ratio of 12.73 and a beta of 1.50. 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 business’s 50-day moving average price is $180.74 and its 200-day moving average price is $170.58.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, November 3rd. The real estate investment trust reported $3.22 EPS for the quarter, beating the consensus estimate of $3.09 by $0.13. The company 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%. Simon Property Group’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.05 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. On average, equities analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

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

Insider Buying and Selling

In other Simon Property Group news, Director Larry C. Glasscock purchased 351 shares of the stock in a transaction on Tuesday, September 30th. The shares were purchased 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 in the company, valued at approximately $8,095,519.20. The trade was a 0.81% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stefan M. Selig purchased 195 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were acquired at an average price of $185.95 per share, with a total value of $36,260.25. Following the transaction, the director owned 32,076 shares in the company, valued at approximately $5,964,532.20. The trade was a 0.61% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,121 shares of company stock valued at $394,400 in the last ninety days. 8.66% of the stock is owned by 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.