PNC Financial Services Group Inc. Grows Stake in Simon Property Group, Inc. (NYSE:SPG)

PNC Financial Services Group Inc. increased its position 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 & Exchange Commission. The fund owned 335,906 shares of the real estate investment trust’s stock after buying an additional 114,088 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Simon Property Group were worth $56,775,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of SPG. Aptus Capital Advisors LLC grew its holdings in Simon Property Group by 3.9% in the third quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust’s stock valued at $273,000 after purchasing an additional 61 shares during the last quarter. Inspire Advisors LLC grew its position in Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust’s stock valued at $696,000 after acquiring an additional 65 shares during the period. Diligent Investors LLC grew its holdings in shares of Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. grew its stake in Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 68 shares during the period. Finally, Bleakley Financial Group LLC increased its holdings in Simon Property Group by 1.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust’s stock valued at $1,044,000 after purchasing an additional 68 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Stock Down 0.2 %

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

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

Simon Property Group Increases Dividend

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

Insider Buying and Selling

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction dated Monday, September 30th. The stock was bought 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 $5,738,557.30. The trade was a 1.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SPG. Mizuho raised their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Finally, Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.78.

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.