Bank of New York Mellon Corp Sells 113,378 Shares of Simon Property Group, Inc. $SPG

Bank of New York Mellon Corp decreased its holdings in Simon Property Group, Inc. (NYSE:SPG) by 4.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,216,869 shares of the real estate investment trust’s stock after selling 113,378 shares during the period. Bank of New York Mellon Corp’s holdings in Simon Property Group were worth $416,040,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Trust Co. of Toledo NA OH acquired a new position in Simon Property Group in the second quarter worth about $25,000. VSM Wealth Advisory LLC acquired a new stake in Simon Property Group during the second quarter valued at approximately $30,000. Silicon Valley Capital Partners bought a new stake in shares of Simon Property Group in the 2nd quarter valued at approximately $30,000. Bell Investment Advisors Inc raised its holdings in shares of Simon Property Group by 205.6% in the 2nd quarter. Bell Investment Advisors Inc now owns 217 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 146 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new position in shares of Simon Property Group during the 3rd quarter worth approximately $39,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Gary M. Rodkin acquired 226 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was acquired at an average price of $186.00 per share, for a total transaction of $42,036.00. Following the completion of the acquisition, the director owned 19,455 shares of the company’s stock, valued at $3,618,630. This trade represents a 1.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Larry C. Glasscock bought 363 shares of the business’s stock in a transaction on Wednesday, December 31st. The stock was bought at an average cost of $186.00 per share, for a total transaction of $67,518.00. Following the purchase, the director directly owned 43,899 shares of the company’s stock, valued at approximately $8,165,214. This trade represents a 0.83% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 2,192 shares of company stock worth $407,712. 8.66% of the stock is currently owned by company insiders.

Simon Property Group Stock Up 3.2%

Shares of SPG opened at $189.65 on Friday. The firm has a market capitalization of $61.92 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 6.82 and a beta of 1.37. The company has a debt-to-equity ratio of 9.59, a quick ratio of 1.44 and a current ratio of 1.44. The business’s fifty day moving average price is $184.63 and its two-hundred day moving average price is $179.20. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.13. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.41 billion. Simon Property Group had a return on equity of 79.30% and a net margin of 38.18%.The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.05 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. On average, analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were paid a $2.20 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $2.15. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $8.80 annualized dividend and a dividend yield of 4.6%. Simon Property Group’s payout ratio is 128.09%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPG. Deutsche Bank Aktiengesellschaft upgraded Simon Property Group from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research report on Tuesday, January 20th. Mizuho set a $192.00 price target on shares of Simon Property Group in a report on Friday, January 9th. Weiss Ratings restated a “buy (b)” rating on shares of Simon Property Group in a research report on Friday, January 9th. Truist Financial increased their target price on Simon Property Group from $169.00 to $181.00 and gave the stock a “hold” rating in a report on Wednesday, December 17th. Finally, Scotiabank lifted their price target on Simon Property Group from $186.00 to $189.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and an average target price of $194.64.

Simon Property Group 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.