Bank of New York Mellon Corp Sells 98,319 Shares of Simon Property Group, Inc. $SPG

Key Points

• Bank of New York Mellon reduced its stake in Simon Property Group by 4.4% in the fourth quarter, selling 98,319 shares and leaving it with 2.12 million shares valued at about $392.2 million. Institutional investors still own 93.01% of the company.
• Simon Property Group posted better-than-expected quarterly results, with EPS of $1.48 versus estimates of $1.46 and revenue of $1.76 billion versus $1.54 billion expected. The company also raised its FY 2026 EPS guidance to 13.10-13.25.
• The REIT boosted its quarterly dividend to $2.25 from $2.20 and authorized a $2 billion share buyback program. The dividend implies an annualized payout of $9.00 per share and a yield of about 4.4%.

Bank of New York Mellon Corp lowered its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 4.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,118,550 shares of the real estate investment trust's stock after selling 98,319 shares during the period. Bank of New York Mellon Corp owned 0.65% of Simon Property Group worth $392,165,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC bought a new stake in shares of Simon Property Group during the fourth quarter worth approximately $295,000. Marshall Wace LLP raised its position in Simon Property Group by 316.2% during the second quarter. Marshall Wace LLP now owns 19,787 shares of the real estate investment trust's stock valued at $3,181,000 after purchasing an additional 15,033 shares in the last quarter. Jump Financial LLC raised its position in Simon Property Group by 80.1% during the second quarter. Jump Financial LLC now owns 16,881 shares of the real estate investment trust's stock valued at $2,714,000 after purchasing an additional 7,506 shares in the last quarter. Cerity Partners LLC raised its position in Simon Property Group by 1.7% during the second quarter. Cerity Partners LLC now owns 35,740 shares of the real estate investment trust's stock valued at $5,745,000 after purchasing an additional 598 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Simon Property Group by 13.4% during the second quarter. NewEdge Advisors LLC now owns 28,444 shares of the real estate investment trust's stock valued at $4,573,000 after purchasing an additional 3,372 shares in the last quarter. Institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

SPG stock opened at $206.22 on Friday. The stock has a market capitalization of $66.88 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 3.68 and a beta of 1.31. The company's 50-day moving average is $199.50 and its 200-day moving average is $192.51. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84. Simon Property Group, Inc. has a 1 year low of $155.44 and a 1 year high of $208.79.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The real estate investment trust reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.46 by $0.02. Simon Property Group had a net margin of 70.60% and a return on equity of 104.54%. The company had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $2.95 EPS. The business's revenue was up 19.3% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. Equities research analysts expect that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year.

Simon Property Group announced that its board has authorized a share buyback 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 buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be issued a $2.25 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.4%. This is a boost from Simon Property Group's previous quarterly dividend of $2.20. Simon Property Group's dividend payout ratio (DPR) is currently 62.54%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPG. Weiss Ratings downgraded shares of Simon Property Group from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Monday. Stifel Nicolaus upped their price target on shares of Simon Property Group from $185.00 to $194.00 and gave the stock a "hold" rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. boosted their price objective on shares of Simon Property Group from $210.00 to $217.00 and gave the stock a "neutral" rating in a research note on Monday. Scotiabank boosted their price objective on shares of Simon Property Group from $192.00 to $206.00 and gave the stock a "sector perform" rating in a research note on Tuesday, May 19th. 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 note on Monday, March 2nd. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $205.57.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.