PNC Financial Services Group Inc. Buys 18,652 Shares of Simon Property Group, Inc. $SPG

PNC Financial Services Group Inc. grew its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 5.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 383,719 shares of the real estate investment trust’s stock after buying an additional 18,652 shares during the period. PNC Financial Services Group Inc. owned approximately 0.12% of Simon Property Group worth $72,013,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of SPG. Brighton Jones LLC bought a new position in Simon Property Group during the 4th quarter worth approximately $295,000. CWM LLC raised its holdings in Simon Property Group by 22.1% in the second quarter. CWM LLC now owns 12,763 shares of the real estate investment trust’s stock worth $2,052,000 after purchasing an additional 2,310 shares during the period. Mutual Advisors LLC raised its holdings in Simon Property Group by 13.7% in the second quarter. Mutual Advisors LLC now owns 2,754 shares of the real estate investment trust’s stock worth $460,000 after purchasing an additional 331 shares during the period. Nordea Investment Management AB boosted its position in shares of Simon Property Group by 5.7% during the second quarter. Nordea Investment Management AB now owns 29,781 shares of the real estate investment trust’s stock worth $4,731,000 after purchasing an additional 1,607 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its holdings in shares of Simon Property Group by 7.6% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 1,900 shares of the real estate investment trust’s stock valued at $306,000 after buying an additional 134 shares during the period. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPG has been the topic of several research analyst reports. Stifel Nicolaus raised their price objective on Simon Property Group from $184.00 to $185.00 and gave the stock a “hold” rating in a research note on Tuesday, February 3rd. Truist Financial increased their price target on Simon Property Group from $169.00 to $181.00 and gave the stock a “hold” rating in a report on Wednesday, December 17th. Piper Sandler reiterated an “overweight” rating and set a $230.00 price objective (up previously from $225.00) on shares of Simon Property Group in a report on Tuesday, February 3rd. JPMorgan Chase & Co. boosted their price objective on Simon Property Group from $198.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, Evercore raised their target price on shares of Simon Property Group from $188.00 to $198.00 and gave the stock an “in-line” rating in a report on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $197.93.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 480 shares of Simon Property Group stock in a transaction dated Wednesday, December 31st. The stock was bought at an average cost of $186.00 per share, for a total transaction of $89,280.00. Following the purchase, the director directly owned 53,639 shares in the company, valued at approximately $9,976,854. This represents a 0.90% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Glyn Aeppel acquired 216 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The stock was bought at an average price of $186.00 per share, with a total value of $40,176.00. Following the acquisition, the director directly owned 19,481 shares in the company, valued at $3,623,466. This represents a 1.12% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 2,192 shares of company stock valued at $407,712 in the last quarter. Company insiders own 8.60% of the company’s stock.

Simon Property Group Stock Up 2.8%

NYSE:SPG opened at $196.86 on Tuesday. The company has a debt-to-equity ratio of 4.42, a quick ratio of 1.44 and a current ratio of 0.90. The company has a market cap of $64.27 billion, a PE ratio of 13.88, a PEG ratio of 7.23 and a beta of 1.39. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $201.40. The stock has a 50-day simple moving average of $187.31 and a 200 day simple moving average of $181.99.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, February 2nd. The real estate investment trust reported $3.49 EPS for the quarter, beating the consensus estimate of $3.47 by $0.02. Simon Property Group had a return on equity of 124.12% and a net margin of 72.71%.The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the business posted $3.68 EPS. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.000-13.250 EPS. On average, sell-side analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 10th will be issued a dividend of $2.20 per share. The ex-dividend date is Tuesday, March 10th. This represents a $8.80 annualized dividend and a yield of 4.5%. Simon Property Group’s dividend payout ratio is presently 62.06%.

Simon Property Group declared that its board has authorized a stock buyback program on Thursday, February 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed?use retail destinations. The company operates retail brands that include high?profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open?air centers, outlet properties and mixed?use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.