PNC Financial Services Group Inc. Sells 640 Shares of Simon Property Group, Inc. $SPG

PNC Financial Services Group Inc. decreased its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 0.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 365,067 shares of the real estate investment trust’s stock after selling 640 shares during the period. PNC Financial Services Group Inc. owned 0.11% of Simon Property Group worth $58,688,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Simon Property Group in the 2nd quarter worth approximately $25,000. Richardson Financial Services Inc. raised its stake in Simon Property Group by 185.0% during the first quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 111 shares during the last quarter. WPG Advisers LLC bought a new stake in Simon Property Group in the first quarter worth $47,000. TCTC Holdings LLC grew its stake in shares of Simon Property Group by 93.5% in the first quarter. TCTC Holdings LLC now owns 385 shares of the real estate investment trust’s stock worth $64,000 after acquiring an additional 186 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Simon Property Group in the first quarter worth $81,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Down 0.1%

SPG opened at $183.55 on Friday. The stock has a market capitalization of $59.93 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 12.73 and a beta of 1.50. The firm has a 50 day moving average price of $180.73 and a 200-day moving average price of $170.32. Simon Property Group, Inc. has a twelve month low of $136.34 and a twelve month high of $190.13. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, November 3rd. The real estate investment trust reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.13. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the company posted $3.05 earnings per share. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. Equities research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th will be issued a $2.20 dividend. The ex-dividend date of this dividend is Wednesday, December 10th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.15. This represents a $8.80 annualized dividend and a dividend yield of 4.8%. Simon Property Group’s dividend payout ratio is presently 128.09%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI lifted their price target on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Piper Sandler upped their target price on shares of Simon Property Group from $210.00 to $225.00 and gave the stock an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on shares of Simon Property Group from $180.00 to $184.00 and gave the company a “neutral” rating in a report on Friday, August 22nd. Barclays boosted their price objective on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, Scotiabank upped their price objective on Simon Property Group from $173.00 to $186.00 and gave the company a “sector perform” rating in a research report on Thursday. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $189.85.

Insider Activity at Simon Property Group

In other news, Director Stefan M. Selig purchased 195 shares of the business’s stock in a transaction on Tuesday, September 30th. The stock was acquired at an average cost of $185.95 per share, for a total transaction of $36,260.25. Following the purchase, the director directly owned 32,076 shares in the company, valued at $5,964,532.20. This trade represents a 0.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel C. Smith purchased 335 shares of Simon Property Group stock in a transaction dated Tuesday, September 30th. The shares were acquired at an average cost of $185.95 per share, with a total value of $62,293.25. Following the transaction, the director directly owned 32,333 shares in the company, valued at approximately $6,012,321.35. The trade was a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 2,121 shares of company stock valued at $394,400 in the last 90 days. 8.60% of the stock is owned by company insiders.

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.