Oppenheimer Asset Management Inc. Sells 2,680 Shares of Simon Property Group, Inc. $SPG

Oppenheimer Asset Management Inc. cut its position in Simon Property Group, Inc. (NYSE:SPG) by 23.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,862 shares of the real estate investment trust’s stock after selling 2,680 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Simon Property Group were worth $1,663,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Simon Property Group by 0.3% in the second quarter. Vanguard Group Inc. now owns 45,839,312 shares of the real estate investment trust’s stock valued at $7,369,128,000 after acquiring an additional 149,314 shares during the period. State Street Corp lifted its holdings in shares of Simon Property Group by 1.1% in the 2nd quarter. State Street Corp now owns 21,452,497 shares of the real estate investment trust’s stock worth $3,448,703,000 after purchasing an additional 228,819 shares in the last quarter. Geode Capital Management LLC grew its position in Simon Property Group by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 9,592,471 shares of the real estate investment trust’s stock valued at $1,536,565,000 after purchasing an additional 127,636 shares during the period. Norges Bank acquired a new stake in Simon Property Group in the 2nd quarter valued at $1,051,262,000. Finally, JPMorgan Chase & Co. increased its stake in Simon Property Group by 34.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,512,383 shares of the real estate investment trust’s stock valued at $1,046,943,000 after purchasing an additional 1,660,188 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPG has been the subject of a number of analyst reports. Citigroup lifted their price objective on shares of Simon Property Group from $185.00 to $189.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Stifel Nicolaus lifted their price target on Simon Property Group from $184.00 to $185.00 and gave the company a “hold” rating in a research note on Tuesday, February 3rd. Morgan Stanley set a $205.00 price objective on Simon Property Group in a report on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Simon Property Group in a report on Friday, January 9th. Finally, Truist Financial raised their target price on Simon Property Group from $169.00 to $181.00 and gave the company a “hold” rating in a report on Wednesday, December 17th. Six research 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 company has an average rating of “Hold” and an average price target of $197.93.

Insider Activity at Simon Property Group

In related news, Director Daniel C. Smith acquired 347 shares of the firm’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 $64,542.00. Following the completion of the acquisition, the director owned 32,680 shares of the company’s stock, valued at approximately $6,078,480. This represents a 1.07% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary M. Rodkin acquired 226 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was purchased at an average price of $186.00 per share, for a total transaction of $42,036.00. Following the purchase, the director owned 19,455 shares of the company’s stock, valued at $3,618,630. The trade was a 1.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 2,192 shares of company stock valued at $407,712 in the last 90 days. 8.66% of the stock is currently owned by company insiders.

Simon Property Group Price Performance

Simon Property Group stock opened at $196.86 on Friday. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $201.40. The company’s 50 day moving average price is $186.97 and its two-hundred day moving average price is $181.55. The stock has a market cap of $64.27 billion, a P/E ratio of 13.88, a P/E/G ratio of 7.03 and a beta of 1.39. The company has a quick ratio of 1.44, a current ratio of 0.90 and a debt-to-equity ratio of 4.42.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.02. Simon Property Group had a return on equity of 124.12% and a net margin of 72.71%.The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $3.68 earnings per share. Simon Property Group’s revenue was up 13.2% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.000-13.250 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 10th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, March 10th. Simon Property Group’s payout ratio is 62.06%.

Simon Property Group announced that its board has approved a stock buyback plan on Thursday, February 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.