Bank of America Corp DE Sells 254,635 Shares of Simon Property Group, Inc. $SPG

Key Points

• Bank of America reduced its Simon Property Group stake by 3%, selling 254,635 shares and retaining 8.25 million shares worth approximately $1.84 billion. Institutional investors collectively own 93.01% of SPG.
• Analysts remain broadly cautious, with Simon Property Group holding a consensus “Hold” rating and an average price target of $228.43, despite several brokerages raising their targets.
• Simon reported quarterly revenue of $1.79 billion, exceeding estimates, but earnings per share of $1.49 missed expectations. The company declared a quarterly dividend of $2.25 per share, equivalent to a 4.4% annualized yield.

Bank of America Corp DE cut its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,248,498 shares of the real estate investment trust's stock after selling 254,635 shares during the period. Bank of America Corp DE owned about 2.55% of Simon Property Group worth $1,844,777,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Magnolia Capital Advisors LLC bought a new position in shares of Simon Property Group during the second quarter worth about $629,000. Caisse de depot et placement du Quebec bought a new stake in Simon Property Group in the 2nd quarter valued at approximately $143,948,000. Gallagher Fiduciary Advisors LLC acquired a new position in Simon Property Group during the 2nd quarter worth approximately $448,000. Man Group plc acquired a new position in Simon Property Group during the 2nd quarter worth approximately $3,381,000. Finally, First Bancorp Inc ME bought a new position in shares of Simon Property Group during the 2nd quarter worth approximately $420,000. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPG. Truist Financial boosted their price target on shares of Simon Property Group from $196.00 to $215.00 and gave the stock a "hold" rating in a research report on Tuesday, June 23rd. Evercore set a $219.00 price objective on Simon Property Group in a report on Monday. Mizuho lifted their target price on Simon Property Group from $211.00 to $226.00 and gave the company a "neutral" rating in a research report on Thursday, August 27th. LADENBURG THALM/SH SH upped their target price on Simon Property Group from $250.00 to $275.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. increased their price target on Simon Property Group from $210.00 to $217.00 and gave the company a "neutral" rating in a research report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, Simon Property Group presently has an average rating of "Hold" and a consensus target price of $228.43.

Insider Buying and Selling

In other news, Director Larry Glasscock acquired 397 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The stock was bought at an average price of $223.38 per share, with a total value of $88,681.86. Following the acquisition, the director owned 45,902 shares in the company, valued at $10,253,588.76. The trade was a 0.87% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gary Rodkin bought 256 shares of the company's stock in a transaction on Tuesday, June 30th. The shares were bought at an average price of $223.34 per share, for a total transaction of $57,175.04. Following the transaction, the director owned 21,016 shares of the company's stock, valued at approximately $4,693,713.44. This represents a 1.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 2,387 shares of company stock worth $533,056 in the last three months. Insiders own 8.73% of the company's stock.

Simon Property Group Stock Up 0.0%

Shares of NYSE SPG opened at $204.91 on Tuesday. The company has a market cap of $66.30 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 3.09 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 5.19. Simon Property Group, Inc. has a 12 month low of $172.19 and a 12 month high of $238.50. The stock has a 50-day moving average price of $220.34 and a two-hundred day moving average price of $208.82.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.15). The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.61 billion. Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The company's quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.70 EPS. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. As a group, analysts forecast that Simon Property Group, Inc. will post 13.2 earnings per share for the current fiscal year.

Simon Property Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be paid a dividend of $2.25 per share. The ex-dividend date is Wednesday, September 9th. This represents a $9.00 annualized dividend and a dividend yield of 4.4%. Simon Property Group's dividend payout ratio (DPR) is presently 63.47%.

Simon Property Group Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust that owns, develops and operates premier shopping, dining, entertainment and mixed-use destinations. Its portfolio includes regional malls, premium outlet centers and The Mills properties, serving consumers and retail tenants through a range of high-quality commercial properties.

The company generates revenue primarily by leasing retail and commercial space to national, regional and local retailers, restaurants and other businesses.

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