Allstate Corp Buys 22,363 Shares of Simon Property Group, Inc. $SPG

Key Points

• Allstate Corp significantly boosted its stake in Simon Property Group, increasing holdings by 113.3% in the fourth quarter to 42,101 shares worth about $7.79 million.
• Simon Property Group posted strong quarterly results, with EPS of $1.48 beating estimates and revenue of $1.76 billion topping expectations, while revenue rose 19.3% year over year.
• The REIT raised its dividend and maintained shareholder returns, lifting the quarterly payout to $2.25 per share and announcing a $2 billion stock repurchase program.

Allstate Corp grew its holdings in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 113.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,101 shares of the real estate investment trust's stock after purchasing an additional 22,363 shares during the quarter. Allstate Corp's holdings in Simon Property Group were worth $7,793,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPG. Wellington Management Group LLP grew its position in shares of Simon Property Group by 634.5% in the third quarter. Wellington Management Group LLP now owns 7,370,089 shares of the real estate investment trust's stock valued at $1,383,145,000 after purchasing an additional 6,366,711 shares during the last quarter. Capital World Investors grew its position in shares of Simon Property Group by 45.0% in the third quarter. Capital World Investors now owns 8,384,133 shares of the real estate investment trust's stock valued at $1,573,450,000 after purchasing an additional 2,600,508 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Simon Property Group by 1.8% in the third quarter. Vanguard Group Inc. now owns 46,683,502 shares of the real estate investment trust's stock valued at $8,761,093,000 after purchasing an additional 844,190 shares during the last quarter. Barclays PLC grew its position in shares of Simon Property Group by 78.9% in the third quarter. Barclays PLC now owns 1,103,843 shares of the real estate investment trust's stock valued at $207,158,000 after purchasing an additional 486,967 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Simon Property Group by 1,329.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 468,497 shares of the real estate investment trust's stock valued at $86,723,000 after purchasing an additional 435,721 shares during 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 topic of several research analyst reports. UBS Group raised their price target on Simon Property Group from $189.00 to $199.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Barclays lifted their target price on Simon Property Group from $201.00 to $212.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 19th. Evercore set a $207.00 target price on Simon Property Group in a research report on Tuesday, May 12th. Weiss Ratings raised Simon Property Group from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, May 18th. Finally, Piper Sandler reissued an "overweight" rating and set a $230.00 target price (up from $225.00) on shares of Simon Property Group in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $205.07.

Simon Property Group Stock Performance

NYSE:SPG opened at $207.03 on Wednesday. The stock has a market capitalization of $67.28 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 3.70 and a beta of 1.33. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 4.68. Simon Property Group, Inc. has a 1 year low of $155.44 and a 1 year high of $208.28. The firm has a 50 day moving average of $196.92 and a 200-day moving average of $191.44.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, May 11th. The real estate investment trust reported $1.48 EPS for the quarter, topping the consensus estimate of $1.46 by $0.02. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.54 billion. Simon Property Group had a return on equity of 104.54% and a net margin of 70.60%.Simon Property Group's revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 EPS. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. As a group, sell-side analysts anticipate that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, June 9th. This is an increase from Simon Property Group's previous quarterly dividend of $2.20. Simon Property Group's dividend payout ratio (DPR) is presently 62.54%.

Simon Property Group declared that its Board of Directors has approved a stock repurchase program on Thursday, February 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase 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.

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