Bokf Na Trims Holdings in Simon Property Group, Inc. $SPG

Key Points

• Bokf Na trimmed its stake in Simon Property Group (SPG) by 7.8% in Q4, selling 8,990 shares and leaving 105,972 shares worth $19.62 million.
• SPG posted Q results of $3.49 EPS (vs. $3.47 est.) and revenue of $1.79B (+13.2% YoY), and its board approved a $2.0 billion share buyback program (up to 3.1% of shares outstanding).
• Analysts' consensus is a "Hold" with an average price target of $200.14, while the stock trades around $202 and the company has a market cap near $65.8 billion.

Bokf Na lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,972 shares of the real estate investment trust's stock after selling 8,990 shares during the period. Bokf Na's holdings in Simon Property Group were worth $19,616,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Stance Capital LLC bought a new stake in Simon Property Group during the 3rd quarter valued at approximately $26,000. Atlantic Union Bankshares Corp boosted its position in Simon Property Group by 143.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 209 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 123 shares in the last quarter. City Holding Co. bought a new stake in Simon Property Group during the 3rd quarter valued at approximately $40,000. Tompkins Financial Corp bought a new stake in Simon Property Group during the 4th quarter valued at approximately $42,000. Finally, Richardson Financial Services Inc. boosted its position in Simon Property Group by 50.6% during the 3rd quarter. Richardson Financial Services Inc. now owns 262 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company's stock.

Simon Property Group Stock Performance

Shares of SPG opened at $202.34 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 4.42. The business's 50 day moving average price is $195.20 and its 200-day moving average price is $188.79. Simon Property Group, Inc. has a 52 week low of $155.44 and a 52 week high of $208.28. The stock has a market cap of $65.75 billion, a P/E ratio of 14.27, a P/E/G ratio of 6.63 and a beta of 1.33.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.02. Simon Property Group had a return on equity of 124.12% and a net margin of 72.71%.The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the firm posted $3.68 EPS. The business's revenue for the quarter was up 13.2% compared to the same quarter last year. Equities research analysts anticipate that Simon Property Group, Inc. will post 13.19 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Evercore lifted their price objective on Simon Property Group from $188.00 to $198.00 and gave the company an "in-line" rating in a research report on Tuesday, February 3rd. Scotiabank lifted their price objective on Simon Property Group from $189.00 to $192.00 and gave the company a "sector perform" rating in a research report on Tuesday, March 24th. Piper Sandler reaffirmed an "overweight" rating and set a $230.00 price objective (up from $225.00) on shares of Simon Property Group in a research report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised Simon Property Group from a "hold" rating to a "buy" rating and set a $205.00 price objective on the stock in a research report on Tuesday, January 20th. Finally, Weiss Ratings raised Simon Property Group from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target 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.

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