DAVENPORT & Co LLC Sells 3,620 Shares of Simon Property Group, Inc. $SPG

DAVENPORT & Co LLC decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 48.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,898 shares of the real estate investment trust’s stock after selling 3,620 shares during the period. DAVENPORT & Co LLC’s holdings in Simon Property Group were worth $732,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in SPG. IFM Investors Pty Ltd lifted its stake in Simon Property Group by 0.9% during the third quarter. IFM Investors Pty Ltd now owns 115,134 shares of the real estate investment trust’s stock worth $21,345,000 after purchasing an additional 1,051 shares during the period. Yousif Capital Management LLC grew its stake in shares of Simon Property Group by 0.7% in the 3rd quarter. Yousif Capital Management LLC now owns 49,382 shares of the real estate investment trust’s stock valued at $9,268,000 after purchasing an additional 324 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Simon Property Group by 29.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,582 shares of the real estate investment trust’s stock worth $860,000 after buying an additional 1,050 shares in the last quarter. HBK Sorce Advisory LLC bought a new position in shares of Simon Property Group during the 3rd quarter worth approximately $546,000. Finally, Jamison Private Wealth Management Inc. boosted its stake in Simon Property Group by 6.7% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 29,061 shares of the real estate investment trust’s stock valued at $5,454,000 after buying an additional 1,825 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Down 0.1%

SPG opened at $187.57 on Tuesday. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The stock has a market capitalization of $61.24 billion, a PE ratio of 27.30, a PEG ratio of 9.15 and a beta of 1.37. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 9.59. The firm has a 50-day moving average price of $182.40 and a two-hundred day moving average price of $175.57.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.13. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.41 billion. Simon Property Group had a net margin of 38.18% and a return on equity of 79.30%. Simon Property Group’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.05 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. As a group, equities analysts anticipate that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal 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 paid a $2.20 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.15. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $8.80 annualized dividend and a dividend yield of 4.7%. Simon Property Group’s payout ratio is 128.09%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SPG. Weiss Ratings reiterated a “buy (b)” rating on shares of Simon Property Group in a research note on Tuesday, October 14th. Stifel Nicolaus upped their target price on shares of Simon Property Group from $179.00 to $184.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Barclays lifted their price target on shares of Simon Property Group from $180.00 to $186.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. Evercore ISI boosted their price target on shares of Simon Property Group from $187.00 to $188.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. Finally, Morgan Stanley raised their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $190.46.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.