Vestcor Inc Has $9.27 Million Stake in Simon Property Group, Inc. $SPG

Vestcor Inc reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 19.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,402 shares of the real estate investment trust’s stock after selling 12,040 shares during the quarter. Vestcor Inc’s holdings in Simon Property Group were worth $9,271,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Simon Property Group by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 46,683,502 shares of the real estate investment trust’s stock worth $8,761,093,000 after purchasing an additional 844,190 shares in the last quarter. State Street Corp lifted its holdings in shares of Simon Property Group by 1.1% in the second quarter. State Street Corp now owns 21,452,497 shares of the real estate investment trust’s stock valued at $3,448,703,000 after purchasing an additional 228,819 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Simon Property Group by 1.3% in the second 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 in the last quarter. Norges Bank acquired a new position in shares of Simon Property Group during the second quarter worth about $1,051,262,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Simon Property Group by 34.2% during the second quarter. JPMorgan Chase & Co. now owns 6,512,383 shares of the real estate investment trust’s stock worth $1,046,943,000 after buying an additional 1,660,188 shares during the period. 93.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on Simon Property Group from $184.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised Simon Property Group from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Simon Property Group in a research note on Friday, January 9th. Piper Sandler reiterated an “overweight” rating and issued a $230.00 price objective (up from $225.00) on shares of Simon Property Group in a report on Tuesday, February 3rd. Finally, Truist Financial boosted their price objective on shares of Simon Property Group from $181.00 to $196.00 and gave the stock a “hold” rating in a research report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Simon Property Group presently has a consensus rating of “Hold” and a consensus target price of $199.36.

Insider Buying and Selling

In other news, Director Larry C. Glasscock purchased 363 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were purchased at an average cost of $186.00 per share, with a total value of $67,518.00. Following the completion of the transaction, the director owned 43,899 shares of the company’s stock, valued at $8,165,214. The trade was a 0.83% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stefan M. Selig purchased 201 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were purchased at an average cost of $186.00 per share, for a total transaction of $37,386.00. Following the completion of the transaction, the director directly owned 32,277 shares of the company’s stock, valued at approximately $6,003,522. This represents a 0.63% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 2,192 shares of company stock worth $407,712 in the last quarter. 8.60% of the stock is owned by company insiders.

Simon Property Group Price Performance

NYSE:SPG opened at $192.76 on Tuesday. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $205.12. The company has a market cap of $62.64 billion, a P/E ratio of 13.59, a P/E/G ratio of 6.42 and a beta of 1.35. The company has a debt-to-equity ratio of 4.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day simple moving average is $191.98 and its 200 day simple moving average is $185.28.

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 the consensus estimate of $3.47 by $0.02. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Simon Property Group had a return on equity of 124.12% and a net margin of 72.71%.The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.68 earnings per share. Simon Property Group has set its FY 2026 guidance at 13.000-13.250 EPS. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 10th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, March 10th. Simon Property Group’s dividend payout ratio is presently 62.06%.

Simon Property Group declared that its board has authorized a stock repurchase program on Thursday, February 5th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.