Norges Bank Acquires Shares of 6,007,839 Simon Property Group, Inc. $SPG

Key Points

• Norges Bank disclosed a new position in Simon Property Group, buying 6,007,839 shares worth about $1.11 billion and ending the period with a 1.84% stake.
• Simon Property Group reported strong quarterly results, with EPS of $1.48 beating estimates and revenue of $1.76 billion topping expectations; revenue also rose 19.3% year over year.
• The REIT boosted its quarterly dividend to $2.25 per share and approved a $2 billion share buyback, while analysts currently rate the stock a consensus "Hold" with a target price around $205.

Norges Bank acquired a new stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,007,839 shares of the real estate investment trust's stock, valued at approximately $1,112,111,000. Norges Bank owned 1.84% of Simon Property Group at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Stance Capital LLC purchased a new stake in shares of Simon Property Group in the 3rd quarter worth approximately $26,000. Atlantic Union Bankshares Corp raised its stake in shares of 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 worth $39,000 after acquiring an additional 123 shares in the last quarter. Tompkins Financial Corp bought a new position in shares of Simon Property Group during the 4th quarter worth approximately $42,000. Cullen Frost Bankers Inc. raised its stake in shares of Simon Property Group by 79.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 111 shares in the last quarter. Finally, Camelot Portfolios LLC bought a new position in shares of Simon Property Group during the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 93.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SPG shares. Piper Sandler reiterated an "overweight" rating and set a $230.00 price objective (up from $225.00) on shares of Simon Property Group in a research note on Tuesday, February 3rd. 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 increased their price objective on shares of Simon Property Group from $189.00 to $199.00 and gave the stock a "neutral" rating in a research note on Monday, May 18th. Scotiabank increased their price target on shares of Simon Property Group from $192.00 to $206.00 and gave the stock a "sector perform" rating in a report on Tuesday, May 19th. Finally, Evercore set a $207.00 price target on shares of Simon Property Group in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $205.07.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $204.52 on Friday. Simon Property Group, Inc. has a 52 week low of $155.44 and a 52 week high of $208.79. The stock has a market capitalization of $66.32 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 3.71 and a beta of 1.33. The firm has a 50-day simple moving average of $197.87 and a 200-day simple moving average of $191.87. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 4.68.

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 the consensus estimate 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 firm had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the business earned $2.95 earnings per share. Simon Property Group's revenue was up 19.3% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. On average, equities analysts predict that Simon Property Group, Inc. will post 13.2 earnings per share for the current fiscal year.

Simon Property Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be given a dividend of $2.25 per share. The ex-dividend date is Tuesday, June 9th. This is an increase from Simon Property Group's previous quarterly dividend of $2.20. This represents a $9.00 annualized dividend and a yield of 4.4%. Simon Property Group's dividend payout ratio (DPR) is 61.15%.

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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