Corient Private Wealth LLC Has $10.71 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

May 26, 2024

4 minutes read

Corient Private Wealth LLC lifted its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 97.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 75,067 shares of the real estate investment trust’s stock after acquiring an additional 37,108 shares during the period. Corient Private Wealth LLC’s holdings in Simon Property Group were worth $10,708,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Simon Property Group during the fourth quarter valued at about $2,561,181,000. International Assets Investment Management LLC raised its stake in Simon Property Group by 13,226.4% during the 4th quarter. International Assets Investment Management LLC now owns 920,586 shares of the real estate investment trust’s stock worth $131,312,000 after buying an additional 913,678 shares during the period. Panagora Asset Management Inc. boosted its holdings in Simon Property Group by 11,722.9% in the fourth quarter. Panagora Asset Management Inc. now owns 672,724 shares of the real estate investment trust’s stock worth $95,957,000 after acquiring an additional 667,034 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Simon Property Group in the third quarter valued at approximately $69,423,000. Finally, Duff & Phelps Investment Management Co. increased its holdings in shares of Simon Property Group by 160.1% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 763,371 shares of the real estate investment trust’s stock valued at $108,887,000 after acquiring an additional 469,855 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Performance

Shares of SPG opened at $147.88 on Friday. The stock has a 50 day moving average of $147.40 and a 200 day moving average of $142.21. The company has a market capitalization of $48.20 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 8.77 and a beta of 1.68. Simon Property Group, Inc. has a 12 month low of $100.17 and a 12 month high of $157.82. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20.

Simon Property Group (NYSE:SPG – Get Free Report) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.74 earnings per share. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.87 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s payout ratio is presently 99.36%.

Simon Property Group announced that its board has approved a share repurchase program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of recent research reports. Scotiabank increased their target price on Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Evercore ISI lifted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial lifted their price target on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $141.40.

Read Our Latest Report on SPG

Simon Property Group Profile

(Free Report)

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.