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

Plato Investment Management Ltd lessened its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 30.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 13,803 shares of the real estate investment trust’s stock after selling 6,050 shares during the period. Plato Investment Management Ltd’s holdings in Simon Property Group were worth $2,568,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Stance Capital LLC bought a new stake in Simon Property Group during the third quarter valued at about $26,000. Atlantic Union Bankshares Corp grew its holdings in Simon Property Group by 143.0% during the third quarter. Atlantic Union Bankshares Corp now owns 209 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 123 shares during the period. Tompkins Financial Corp bought a new stake in Simon Property Group during the fourth quarter valued at about $42,000. Richardson Financial Services Inc. grew its holdings in Simon Property Group by 50.6% during the third quarter. Richardson Financial Services Inc. now owns 262 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 88 shares during the period. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in Simon Property Group during the third quarter valued at about $50,000. Institutional investors own 93.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SPG shares. Citigroup boosted their price target on Simon Property Group from $185.00 to $189.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Piper Sandler reissued an “overweight” rating and set a $230.00 price target (up from $225.00) on shares of Simon Property Group in a report on Tuesday, February 3rd. Weiss Ratings raised Simon Property Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price objective on Simon Property Group from $198.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Finally, Evercore upped their price objective 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. 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 MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $200.14.

Simon Property Group Stock Performance

NYSE SPG opened at $202.22 on Friday. The firm has a market cap of $65.71 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 6.65 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. The business has a 50-day moving average price of $195.35 and a 200-day moving average price of $189.16. Simon Property Group, Inc. has a twelve month low of $155.44 and a twelve month high of $208.28.

Simon Property Group declared that its board has authorized a share repurchase program on Thursday, February 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.