Parallel Advisors LLC has reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 2.7% during the second quarter of 2024, as noted in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). Following the sale of 147 shares, the firm now holds 5,346 shares valued at approximately $859,000.
This reduction in holdings comes as other institutional investors have also made significant adjustments to their positions in Simon Property Group. 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 boosted its stake by an impressive 193.5%, bringing its total to 772 shares worth $128,000.
Significant Institutional Moves and Market Response
Several other firms have entered the scene as well. Brighton Jones LLC established a new position during the fourth quarter valued at approximately $295,000, while Clark Capital Management Group Inc. acquired a new stake worth around $39.37 million in the first quarter. Furthermore, AQR Capital Management LLC increased its position by 45.4%, now owning 211,810 shares valued at $34.77 million.
Institutional investors currently own approximately 93.01% of Simon Property Group’s stock. The company opened at $180.40 on Friday, reflecting a minor decline of 0.6%. Over the past year, shares have fluctuated between a low of $136.34 and a high of $190.13.
Simon Property Group recently reported robust financial results for the second quarter. On August 4, 2024, the company announced earnings per share of $3.05, slightly exceeding analysts’ expectations of $3.04. The firm achieved a net margin of 36.78% and a return on equity of 72.38%, with revenue hitting $1.50 billion, surpassing forecasts of $1.40 billion. This represents a year-over-year revenue increase of 13.9%.
Dividend Increase and Analyst Predictions
In light of these strong financials, Simon Property Group announced a quarterly dividend of $2.15 per share, set to be paid on September 30, 2024. Shareholders of record as of September 9, 2024 will benefit from this increase, up from the previous dividend of $2.10. This translates to an annualized dividend of $8.60 and a yield of 4.8%.
Equity analysts have been optimistic about Simon Property Group, with several raising their price targets. Piper Sandler increased its target from $200.00 to $210.00, assigning an “overweight” rating. Truist Financial adjusted its price target from $168.00 to $169.00 while maintaining a “hold” rating. Morgan Stanley also upped its target from $170.00 to $180.00 with an “equal weight” rating.
The consensus among analysts shows four recommending a buy rating, while nine suggest holding the stock. According to data from MarketBeat.com, the average rating for Simon Property Group is currently a “hold” with an average price target of $186.46.
In recent insider activity, Larry C. Glasscock, a director of Simon Property Group, purchased 396 shares at an average price of $159.29 per share, totaling $63,078.84. Following this acquisition, Glasscock now holds 43,185 shares valued at approximately $6.88 million. Additionally, Glyn Aeppel, another director, bought 234 shares at the same average price, increasing their holdings to 19,057 shares valued at $3.04 million.
In summary, as institutional investors adjust their stakes in Simon Property Group and the company demonstrates strong financial performance, it remains to be seen how these dynamics will influence its market position moving forward.