Sun Sep 15 11:41:29 UTC 2024: ## AGF Management Cuts Simon Property Group Stake, Analysts Remain Mixed
**New York, NY** – AGF Management Ltd. significantly reduced its stake in Simon Property Group (NYSE: SPG), a leading real estate investment trust, during the second quarter of 2024. The firm sold 33,503 shares, decreasing its holdings by 74.8% and leaving them with 11,291 shares worth $1,714,000.
While AGF Management downsized its position, other institutional investors have taken an interest in SPG. Clearstead Trust LLC, Opal Wealth Advisors LLC, EntryPoint Capital LLC, and Wetzel Investment Advisors Inc. all purchased new positions in the company during the first and second quarters of 2024. Cape Investment Advisory Inc. also significantly increased its stake, growing its position by 3,200.0% in the fourth quarter. Overall, hedge funds and institutional investors now own 93.01% of Simon Property Group’s stock.
Analysts remain divided on the company’s future prospects. Scotiabank, Argus, StockNews.com, and Mizuho have all raised their price targets for SPG shares in recent months, with StockNews.com even upgrading their rating from “hold” to “buy.” However, Stifel Nicolaus maintains a “hold” rating on the stock.
Despite the mixed sentiment, SPG’s recent earnings report missed analysts’ expectations, with the real estate investment trust reporting $1.51 earnings per share (EPS) for the quarter, falling short of the $2.93 consensus estimate. Despite this, SPG is still planning to pay a quarterly dividend of $2.05, representing an 8.20% annualized yield.
Simon Property Group is currently trading at $164.02, with a market cap of $53.48 billion. The company has a 50-day moving average of $157.48 and a 200-day moving average of $151.61.
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