M&T Bank Corp Grows Stock Holdings in Simon Property Group, Inc. $SPG

M&T Bank Corp lifted its position in Simon Property Group, Inc. (NYSE:SPG) by 137.3% in the fourth quarter, Holdings Channel reports. The firm owned 59,493 shares of the real estate investment trust’s stock after buying an additional 34,422 shares during the period. M&T Bank Corp’s holdings in Simon Property Group were worth $11,012,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SPG. 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 lifted its position in shares of Simon Property Group by 143.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 209 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 123 shares during the period. City Holding Co. purchased a new stake in shares of Simon Property Group in the 3rd quarter worth approximately $40,000. Tompkins Financial Corp purchased a new stake in shares of Simon Property Group in the 4th quarter worth approximately $42,000. Finally, Richardson Financial Services Inc. lifted its position in shares of Simon Property Group by 50.6% in the 3rd quarter. Richardson Financial Services Inc. now owns 262 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

SPG stock opened at $202.34 on Wednesday. The firm has a market cap of $65.75 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 6.63 and a beta of 1.33. The firm has a 50-day simple moving average of $195.20 and a two-hundred day simple moving average of $188.79. Simon Property Group, Inc. has a one year low of $155.44 and a one year high of $208.28. The company has a debt-to-equity ratio of 4.42, a quick ratio of 0.90 and a current ratio of 0.90.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 EPS for the quarter, beating the consensus estimate of $3.47 by $0.02. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.50 billion. Simon Property Group had a net margin of 72.71% and a return on equity of 124.12%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.68 earnings per share. On average, equities analysts forecast that Simon Property Group, Inc. will post 13.19 EPS for the current fiscal year.

Simon Property Group announced that its board has approved a share repurchase plan 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 purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SPG has been the subject of several research reports. Morgan Stanley set a $205.00 price target on shares of Simon Property Group in a research report on Friday, January 16th. Barclays upped their price target on shares of Simon Property Group from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research report on Monday, April 13th. Stifel Nicolaus upped their price target on shares of Simon Property Group from $184.00 to $185.00 and gave the stock a “hold” rating in a research report on Tuesday, February 3rd. UBS Group increased their price target on shares of Simon Property Group from $180.00 to $189.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Simon Property Group from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a research report on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $200.14.

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.