Parallel Advisors LLC has reduced its investment in Simon Property Group, Inc. (NYSE: SPG) by 2.7% during the second quarter of 2023. According to its latest 13F filing with the U.S. Securities and Exchange Commission, the firm now holds 5,346 shares after selling 147 shares during this period. The remaining stake is valued at approximately $859,000.
This adjustment by Parallel Advisors is part of a broader trend among institutional investors regarding Simon Property Group. For instance, Farther Finance Advisors LLC increased its holdings by 31.1% in the first quarter, acquiring an additional 789 shares to reach a total of 3,325 shares, valued at $553,000. Meanwhile, Golden State Wealth Management LLC reported a significant increase of 193.5% in its position, owning 772 shares worth $128,000 after acquiring 509 shares.
AQR Capital Management LLC also expanded its stake by 45.4%, now holding 211,810 shares valued at $34,773,000. Institutional investors collectively own 93.01% of Simon Property Group’s stock, indicating a strong interest in the real estate investment trust.
Stock Performance and Earnings Overview
As of recent trading, Simon Property Group’s stock opened at $180.40. The company has recorded a twelve-month low of $136.34 and a high of $190.13. Financial metrics reflect a solid position, with a market capitalization of $58.90 billion, a price-to-earnings (PE) ratio of 27.88, and a beta of 1.50.
On August 4, 2023, Simon Property Group announced its quarterly earnings, reporting earnings per share (EPS) of $3.05, surpassing analysts’ expectations of $3.04 by $0.01. The real estate investment trust achieved a revenue of $1.50 billion, exceeding predictions of $1.40 billion, marking a 13.9% increase from the previous year. The company has set its fiscal year 2025 guidance at an EPS between 12.450 and 12.650.
Dividend Increase and Analyst Ratings
In addition to its financial performance, Simon Property Group recently announced an increase in its quarterly dividend. Shareholders of record as of September 9, 2023, will receive a dividend of $2.15 per share on September 30, 2023. This represents an annualized dividend of $8.60 and a dividend yield of 4.8%, up from the previous quarterly dividend of $2.10. The company’s dividend payout ratio stands at 132.92%.
Equity analysts have provided mixed ratings for Simon Property Group. Piper Sandler raised its price target from $200.00 to $210.00, maintaining an “overweight” rating. Conversely, Mizuho adjusted its target downward from $182.00 to $169.00, issuing a “neutral” rating. Overall, four analysts have rated the stock as a Buy, while nine have given it a Hold rating, leading to an average price target of $186.46.
In insider activity, Director Larry C. Glasscock purchased 396 shares at an average price of $159.29 per share, totaling $63,078.84. Following this transaction, he owns 43,185 shares valued at approximately $6,878,938.65. Additionally, Director Glyn Aeppel acquired 234 shares for $37,273.86, increasing his ownership to 19,057 shares valued at about $3,035,589.53.
Overall, Simon Property Group continues to attract attention from both institutional investors and analysts, highlighting its prominent position in the real estate market.
