BofA Is Recommending These 5 Stocks

4. Simon Property Group, Inc. (NYSE:SPG)

Number of Hedge Fund Holders: 45

Simon Property Group, Inc. (NYSE:SPG) is an American real estate investment trust that invests in shopping malls, outlet centers, and community and lifestyle centers. Simon Property Group, Inc. (NYSE:SPG) on August 1 declared a $1.75 per share quarterly dividend, a 6.1% increase from its prior dividend of $1.65. The dividend is payable on September 30, to shareholders of record as of September 9. The dividend yield came in at 6.96% on September 5. 

On August 15, Truist analyst Ki Bin Kim reaffirmed a Hold rating on Simon Property Group, Inc. (NYSE:SPG) and lowered the price target on the shares to $125 from $130, adjusting his model based on Q2 results, latest events, and revenue growth and expense assumptions. 

Among the hedge funds tracked by Insider Monkey, 45 hedge funds were bullish on Simon Property Group, Inc. (NYSE:SPG) at the end of Q2 2022, up from 35 funds in the earlier quarter. Jim Simons’ Renaissance Technologies is the biggest stakeholder of the company, with 1.50 million shares worth $142.6 million. 

Here is what Baron Real Estate Fund has to say about Simon Property Group, Inc. (NYSE:SPG) in its Q1 2022 investor letter:

“Following a share price gain of more than 97% in 2021, we recently trimmed the Fund’s holdings in Simon Property Group, Inc. (NYSE:SPG), the largest and premier mall operator in the U.S. Though we are also tempered by the expectation for modest earnings growth in 2022, we remain optimistic about the company’s long-term prospects. Simon owns A-quality malls in A-quality geographic locations. We expect Simon to benefit from the ongoing economic recovery and believe management is well positioned to acquire real estate assets given its strong balance sheet and low cost of capital.”