CIBC Asset Management Inc Raises Stock Position in Simon Property Group, Inc. $SPG

Key Points

• CIBC Asset Management increased its stake in Simon Property Group by 79.2% in the fourth quarter, buying 34,246 additional shares and bringing its total holding to 77,464 shares worth about $14.3 million.
• Simon Property Group reported better-than-expected quarterly results, with EPS of $1.48 versus the $1.46 estimate and revenue of $1.76 billion versus $1.54 billion expected; revenue rose 19.3% year over year.
• The REIT also raised its quarterly dividend to $2.25 per share and maintains a $2 billion share buyback authorization, while analysts currently rate the stock a consensus Hold with an average target price of $205.57.

CIBC Asset Management Inc boosted its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 79.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 77,464 shares of the real estate investment trust's stock after purchasing an additional 34,246 shares during the period. CIBC Asset Management Inc's holdings in Simon Property Group were worth $14,339,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SPG. Vanguard Group Inc. increased its position in Simon Property Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 46,969,966 shares of the real estate investment trust's stock valued at $8,694,610,000 after acquiring an additional 286,464 shares during the last quarter. State Street Corp boosted its position in Simon Property Group by 1.5% in the third quarter. State Street Corp now owns 21,765,492 shares of the real estate investment trust's stock worth $4,084,730,000 after purchasing an additional 312,995 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Simon Property Group by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 10,572,677 shares of the real estate investment trust's stock valued at $1,950,967,000 after purchasing an additional 363,337 shares during the period. Capital World Investors grew its stake in shares of Simon Property Group by 45.0% during the 3rd 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 period. Finally, Wellington Management Group LLP increased its position in shares of Simon Property Group by 634.5% during the 3rd 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. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Up 1.3%

SPG stock opened at $206.22 on Friday. Simon Property Group, Inc. has a twelve month low of $155.44 and a twelve month high of $208.79. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 4.68. The stock has a market cap of $66.88 billion, a P/E ratio of 14.33, a PEG ratio of 3.68 and a beta of 1.31. The business's 50-day moving average price is $199.50 and its 200-day moving average price is $192.51.

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

Simon Property Group Increases Dividend

The company 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 of this dividend is Tuesday, June 9th. This represents a $9.00 annualized dividend and a yield of 4.4%. This is an increase from Simon Property Group's previous quarterly dividend of $2.20. Simon Property Group's payout ratio is currently 62.54%.

Simon Property Group announced that its board has approved a share buyback plan on Thursday, February 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SPG shares. Citigroup increased their price objective on shares of Simon Property Group from $189.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. UBS Group boosted their target price on shares of Simon Property Group from $189.00 to $199.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Stifel Nicolaus increased their price target on shares of Simon Property Group from $185.00 to $194.00 and gave the stock a "hold" rating in a research report on Tuesday, May 12th. Truist Financial lifted their price target 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. Finally, Scotiabank boosted their price objective on shares of Simon Property Group from $192.00 to $206.00 and gave the company a "sector perform" rating in a research report on Tuesday, May 19th. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $205.57.

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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