QRG Capital Management Inc. Raises Stock Position in Simon Property Group, Inc. $SPG

Key Points

• QRG Capital Management raised its stake in Simon Property Group by 4.9% in Q4 to 119,963 shares, valued at about $22.21 million.
• Simon beat EPS estimates ($3.49 vs. $3.47) with 13.2% revenue growth year-over-year, and its board authorized a $2.00 billion buyback to repurchase up to 3.1% of outstanding shares.
• The stock has a market cap of ~$65.4 billion, a PE of 14.19, trades in a 52-week range of $155.44–$208.28, is roughly 93% institutionally owned, and carries an analyst consensus of "Hold" with a $200.14 average price target.

QRG Capital Management Inc. raised its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,963 shares of the real estate investment trust's stock after buying an additional 5,559 shares during the period. QRG Capital Management Inc.'s holdings in Simon Property Group were worth $22,206,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SPG. Stance Capital LLC purchased a new position in Simon Property Group in the third quarter valued at about $26,000. Salomon & Ludwin LLC purchased a new position in Simon Property Group in the third quarter valued at about $39,000. Atlantic Union Bankshares Corp increased its holdings in Simon Property Group by 143.0% in the third quarter. Atlantic Union Bankshares Corp now owns 209 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 123 shares in the last quarter. City Holding Co. purchased a new position in Simon Property Group in the third quarter valued at about $40,000. Finally, Tompkins Financial Corp purchased a new position in shares of Simon Property Group during the 4th quarter worth approximately $42,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 0.6%

Shares of NYSE SPG opened at $201.24 on Tuesday. Simon Property Group, Inc. has a 52-week low of $155.44 and a 52-week high of $208.28. The firm has a fifty day moving average of $195.18 and a 200-day moving average of $188.62. The stock has a market capitalization of $65.39 billion, a PE ratio of 14.19, a P/E/G ratio of 6.66 and a beta of 1.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 4.42.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.50 billion. Simon Property Group had a net margin of 72.71% and a return on equity of 124.12%. The business's quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.68 EPS. On average, analysts anticipate that Simon Property Group, Inc. will post 13.19 EPS for the current year.

Simon Property Group declared that its board has authorized a stock 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 reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SPG shares. Evercore raised their price objective on shares of 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 raised their price objective on shares of 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. Stifel Nicolaus raised their price objective on shares of Simon Property Group from $184.00 to $185.00 and gave the stock a "hold" rating in a research note on Tuesday, February 3rd. Mizuho set a $192.00 price objective on shares of Simon Property Group in a research note on Friday, January 9th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Simon Property Group in a research note on Wednesday, April 8th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has an average 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.

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