Oppenheimer Asset Management Inc. Cuts Stock Position in Simon Property Group, Inc. $SPG

Oppenheimer Asset Management Inc. lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 42.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,069 shares of the real estate investment trust’s stock after selling 3,793 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Simon Property Group were worth $938,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Embree Financial Group raised its position in shares of Simon Property Group by 2.4% during the 4th quarter. Embree Financial Group now owns 2,414 shares of the real estate investment trust’s stock worth $447,000 after purchasing an additional 56 shares during the last quarter. O ROURKE & COMPANY Inc raised its position in shares of Simon Property Group by 2.8% during the 4th quarter. O ROURKE & COMPANY Inc now owns 2,124 shares of the real estate investment trust’s stock worth $393,000 after purchasing an additional 57 shares during the last quarter. Colonial Trust Co SC raised its position in shares of Simon Property Group by 25.7% during the 3rd quarter. Colonial Trust Co SC now owns 318 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 65 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Simon Property Group by 4.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,582 shares of the real estate investment trust’s stock worth $293,000 after purchasing an additional 65 shares during the last quarter. Finally, Howard Capital Management Inc. raised its position in shares of Simon Property Group by 3.1% during the 3rd quarter. Howard Capital Management Inc. now owns 2,175 shares of the real estate investment trust’s stock worth $408,000 after purchasing an additional 66 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Simon Property Group Stock Performance

Simon Property Group stock opened at $205.71 on Thursday. The firm has a 50 day simple moving average of $195.31 and a 200-day simple moving average of $188.99. Simon Property Group, Inc. has a 1-year low of $155.44 and a 1-year high of $208.28. The company has a debt-to-equity ratio of 4.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $66.84 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 6.65 and a beta of 1.33.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.02. Simon Property Group had a net margin of 72.71% and a return on equity of 124.12%. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the company posted $3.68 EPS. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, analysts expect that Simon Property Group, Inc. will post 13.19 EPS for the current year.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on SPG shares. UBS Group upped their price target on shares of Simon Property Group from $180.00 to $189.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. 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. Stifel Nicolaus increased their price objective on shares of Simon Property Group from $184.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, February 3rd. Evercore increased their price objective on shares of Simon Property Group from $188.00 to $198.00 and gave the company an “in-line” rating in a report on Tuesday, February 3rd. Finally, Citigroup increased 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. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $200.14.

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.