PNC Financial Services Group Inc. Boosts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

PNC Financial Services Group Inc. increased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 51.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 335,906 shares of the real estate investment trust’s stock after buying an additional 114,088 shares during the period. PNC Financial Services Group Inc. owned about 0.10% of Simon Property Group worth $56,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its position in Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after acquiring an additional 3,626 shares during the period. Red Cedar Investment Management LLC increased its stake in shares of Simon Property Group by 153.2% during the third quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares in the last quarter. TTP Investments Inc. raised its position in shares of Simon Property Group by 42.0% during the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after purchasing an additional 10,147 shares during the last quarter. Forte Capital LLC ADV acquired a new position in shares of Simon Property Group during the 3rd quarter worth about $630,000. Finally, Radnor Capital Management LLC purchased a new position in Simon Property Group in the 3rd quarter valued at about $1,602,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $167.30 per share, with a total value of $61,901.00. Following the purchase, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 8.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Mizuho increased their target price on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial upped their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $160.00 to $172.00 in a research note on Monday, September 16th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Trading Down 0.2 %

Shares of SPG stock opened at $180.91 on Thursday. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a twelve month low of $119.92 and a twelve month high of $182.84. The company’s 50-day moving average price is $171.85 and its 200-day moving average price is $159.67. The stock has a market cap of $59.03 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 10.52 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last posted its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $3.20 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Simon Property Group, Inc. will post 12.79 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be paid a dividend of $2.10 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 annualized dividend and a yield of 4.64%. Simon Property Group’s dividend payout ratio (DPR) is 109.19%.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.