Plato Investment Management Ltd Sells 6,050 Shares of Simon Property Group, Inc. $SPG

Key Points

• Plato Investment Management Ltd cut its Simon Property Group stake by 30.5% in the fourth quarter, selling 6,050 shares and ending with 13,803 shares valued at about $2.57 million.
• Other large institutional investors remain heavily invested in SPG, and hedge funds and institutions together own 93.01% of the company’s stock.
• Simon Property Group also authorized a $2 billion share buyback, while Wall Street’s consensus rating remains Hold with an average price target of $200.14.

Plato Investment Management Ltd trimmed its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 30.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,803 shares of the real estate investment trust's stock after selling 6,050 shares during the quarter. Plato Investment Management Ltd's holdings in Simon Property Group were worth $2,568,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Simon Property Group by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 46,969,966 shares of the real estate investment trust's stock worth $8,694,610,000 after purchasing an additional 286,464 shares during the last quarter. State Street Corp raised its stake in shares of 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. Capital World Investors raised its stake in shares of Simon Property Group by 45.0% in the third quarter. Capital World Investors now owns 8,384,133 shares of the real estate investment trust's stock worth $1,573,450,000 after purchasing an additional 2,600,508 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Simon Property Group by 634.5% in the third quarter. Wellington Management Group LLP now owns 7,370,089 shares of the real estate investment trust's stock worth $1,383,145,000 after purchasing an additional 6,366,711 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Simon Property Group by 1.6% in the third quarter. Northern Trust Corp now owns 5,344,170 shares of the real estate investment trust's stock worth $1,002,940,000 after purchasing an additional 82,550 shares during 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 $202.22 on Friday. 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, Inc. has a one year low of $155.44 and a one year high of $208.28. The firm has a market capitalization of $65.71 billion, a P/E ratio of 14.26, a PEG ratio of 6.65 and a beta of 1.33. The business has a fifty day moving average of $195.35 and a 200 day moving average of $189.16.

Simon Property Group announced that its Board of Directors has approved a stock buyback program on Thursday, February 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SPG has been the subject of several recent analyst reports. Truist Financial boosted their price target on Simon Property Group from $181.00 to $196.00 and gave the stock a "hold" rating in a research note on Monday, March 2nd. Evercore boosted their price target on Simon Property Group from $188.00 to $198.00 and gave the stock an "in-line" rating in a research note on Tuesday, February 3rd. Barclays boosted their price target on Simon Property Group from $193.00 to $201.00 and gave the stock an "equal weight" rating in a research note on Monday, April 13th. Weiss Ratings upgraded Simon Property Group from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, May 4th. Finally, Morgan Stanley set a $205.00 price objective on Simon Property Group in a report on Friday, January 16th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average 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.

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.