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Citywire AA-rated fund manager Mike Fox has increased his stake in urban housing and regeneration business St Modwen Properties (SMP).
The ethical equity specialist has upped his holding in the business to 13.6 million shares or 6.1% worth £50 million at a share price of 368.5p, up 21.26% year to date.
The shares are mainly held in Royal London Sustainable Leaders fund, with some held by Citywire AA-rated Henry Lowson’s Royal London UK Smaller Companies fund.
St Modwen Properties’ shares are up 26.26% over one year and five brokers who are covering the company rate it a ‘strong buy’. Its price target was increased by Liberum Capital from 360p to 400p, while Numis Securities reiterated its buy rating and set a target of 432p.
The company recently completed the £470 million sale of its interest in the Nine Elms Square in London. It has said that it will use £70 million of the proceeds to fund its share of the construction. It will use the remained to reduce debt and fund further developments.