State Street Corp Sells 279,838 Shares of Simon Property Group, Inc. $SPG

Key Points

• State Street trimmed its Simon Property Group stake by 1.3% in the fourth quarter, selling 279,838 shares and leaving it with 21.49 million shares valued at about $3.98 billion. Institutional investors still own 93.01% of the REIT.
• Analysts remain cautious overall on SPG, with a consensus rating of “Hold” and an average price target of $205.79. Recent target increases from firms like JPMorgan, Scotiabank, Morgan Stanley, and Stifel Nicolaus were offset by mixed ratings.
• The company reported solid results and raised its dividend, beating earnings and revenue estimates in its latest quarter and increasing its quarterly payout to $2.25 per share. That works out to an annualized dividend of $9.00 and a yield of about 4.1%.

State Street Corp decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 21,485,654 shares of the real estate investment trust's stock after selling 279,838 shares during the quarter. State Street Corp owned 6.58% of Simon Property Group worth $3,977,209,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Simon Property Group by 0.6% during the 4th 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 period. Geode Capital Management LLC increased its holdings 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 worth $1,950,967,000 after purchasing an additional 363,337 shares during the period. Capital World Investors increased its holdings in shares of Simon Property Group by 2.7% during the 4th quarter. Capital World Investors now owns 8,610,404 shares of the real estate investment trust's stock worth $1,593,872,000 after purchasing an additional 226,271 shares during the period. Wellington Management Group LLP increased its stake in 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 valued at $1,383,145,000 after acquiring an additional 6,366,711 shares during the period. Finally, Norges Bank bought a new stake in Simon Property Group in the fourth quarter valued at about $1,112,111,000. Institutional investors own 93.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Simon Property Group from $210.00 to $217.00 and gave the company a "neutral" rating in a research note on Monday, June 1st. Scotiabank upped their target price on shares of Simon Property Group from $192.00 to $206.00 and gave the company a "sector perform" rating in a research note on Tuesday, May 19th. Morgan Stanley upped their target price on shares of Simon Property Group from $205.00 to $207.00 and gave the company an "equal weight" rating in a research note on Tuesday. Stifel Nicolaus upped their target price on shares of Simon Property Group from $185.00 to $194.00 and gave the company a "hold" rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings cut shares of Simon Property Group from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $205.79.

Simon Property Group Price Performance

NYSE:SPG opened at $218.79 on Friday. The firm has a market cap of $70.95 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 3.88 and a beta of 1.31. Simon Property Group, Inc. has a 12 month low of $155.44 and a 12 month high of $220.44. 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 company's 50-day moving average price is $203.01 and its two-hundred day moving average price is $193.75.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The real estate investment trust reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.02. The firm had revenue of $1.76 billion for 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 company's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 earnings per share. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. On average, equities analysts anticipate that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th will be given a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 4.1%. This is a boost from Simon Property Group's previous quarterly dividend of $2.20. The ex-dividend date is Tuesday, June 9th. Simon Property Group's dividend payout ratio (DPR) is presently 62.54%.

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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