American Assets Investment Management LLC Makes New Investment in Simon Property Group, Inc. $SPG

Key Points

• American Assets Investment Management opened a new position in Simon Property Group during the fourth quarter, buying 7,500 shares worth about $1.39 million.
• Institutional ownership remains very high, with hedge funds and other investors holding about 93.01% of the company’s stock, and several firms recently increased their stakes.
• Analysts are largely neutral on SPG: the stock has a Hold consensus rating with an average target price of $200.14, while Simon Property Group also authorized a $2 billion share buyback plan.

American Assets Investment Management LLC bought a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,500 shares of the real estate investment trust's stock, valued at approximately $1,388,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in shares of Simon Property Group during the 4th quarter worth about $295,000. Marshall Wace LLP boosted its position in shares of Simon Property Group by 316.2% during the 2nd quarter. Marshall Wace LLP now owns 19,787 shares of the real estate investment trust's stock worth $3,181,000 after acquiring an additional 15,033 shares in the last quarter. Jump Financial LLC boosted its position in shares of Simon Property Group by 80.1% during the 2nd quarter. Jump Financial LLC now owns 16,881 shares of the real estate investment trust's stock worth $2,714,000 after acquiring an additional 7,506 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Simon Property Group by 1.7% during the 2nd quarter. Cerity Partners LLC now owns 35,740 shares of the real estate investment trust's stock worth $5,745,000 after acquiring an additional 598 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Simon Property Group by 13.4% during the 2nd quarter. NewEdge Advisors LLC now owns 28,444 shares of the real estate investment trust's stock worth $4,573,000 after acquiring an additional 3,372 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPG. Morgan Stanley set a $205.00 price objective on Simon Property Group in a research report on Friday, January 16th. Truist Financial upped their target price on Simon Property Group from $181.00 to $196.00 and gave the company a "hold" rating in a research report on Monday, March 2nd. Barclays upped their target price on Simon Property Group from $193.00 to $201.00 and gave the company an "equal weight" rating in a research report on Monday, April 13th. Citigroup upped their target price on Simon Property Group from $185.00 to $189.00 and gave the company a "neutral" rating in a research report on Thursday, February 5th. Finally, Mizuho set a $192.00 target price on Simon Property Group in a research report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $200.14.

Simon Property Group Stock Performance

NYSE SPG opened at $202.22 on Friday. Simon Property Group, Inc. has a 1-year low of $155.44 and a 1-year high of $208.28. The company has a market capitalization of $65.71 billion, a P/E ratio of 14.26, a PEG ratio of 6.62 and a beta of 1.33. The business has a 50 day moving average price of $195.35 and a 200 day moving average price of $189.16. The company has a debt-to-equity ratio of 4.42, a current ratio of 0.90 and a quick ratio of 0.90.

Simon Property Group announced that its Board of Directors has approved a share repurchase plan on Thursday, February 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

About Simon Property Group

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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