M&T Bank Corp Raises Stock Holdings in Simon Property Group, Inc. $SPG

Key Points

• M&T Bank Corp raised its position in Simon Property Group by 137.3% in Q4 to 59,493 shares, valued at about $11.01 million.
• Simon Property announced a $2.0 billion share buyback (roughly 3.1% of shares) after reporting EPS of $3.49 (beat) and revenue of $1.79 billion (up 13.2% YoY); the stock trades near $202 with a consensus analyst target of $200.14 and an average rating of "Hold."

M&T Bank Corp raised its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 137.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,493 shares of the real estate investment trust's stock after acquiring an additional 34,422 shares during the period. M&T Bank Corp's holdings in Simon Property Group were worth $11,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SPG. Brighton Jones LLC purchased a new position in shares of Simon Property Group in the fourth quarter valued at $295,000. Marshall Wace LLP grew its holdings in shares of Simon Property Group by 316.2% in 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 grew its holdings in shares of Simon Property Group by 80.1% in 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 grew its holdings in shares of Simon Property Group by 1.7% in 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 grew its holdings in shares of Simon Property Group by 13.4% in 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. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler reissued an "overweight" rating and issued a $230.00 target price (up from $225.00) on shares of Simon Property Group in a report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised shares of Simon Property Group from a "hold" rating to a "buy" rating and set a $205.00 target price for the company in a report on Tuesday, January 20th. Evercore lifted their target price on Simon Property Group from $188.00 to $198.00 and gave the stock an "in-line" rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. lifted their target price on Simon Property Group from $198.00 to $210.00 and gave the stock a "neutral" rating in a report on Friday, February 6th. Finally, UBS Group lifted their target price on Simon Property Group from $180.00 to $189.00 and gave the stock a "neutral" rating in a report on Thursday, January 8th. Five 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.com, the stock presently has an average rating of "Hold" and a consensus price target of $200.14.

Simon Property Group Stock Up 0.4%

Shares of NYSE:SPG opened at $202.34 on Wednesday. Simon Property Group, Inc. has a 1 year low of $155.44 and a 1 year high of $208.28. The business has a 50 day simple moving average of $195.20 and a two-hundred day simple moving average of $188.79. The firm has a market capitalization of $65.75 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 6.63 and a beta of 1.33. 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 (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $3.68 earnings per share. The company's revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities analysts predict that Simon Property Group, Inc. will post 13.19 EPS for the current year.

Simon Property Group declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the real estate investment trust to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors 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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