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

PNC Financial Services Group Inc. reduced its stake in Simon Property Group, Inc. (NYSE:SPG) by 0.2% during the second quarter, Holdings Channel.com reports. The firm owned 365,067 shares of the real estate investment trust’s stock after selling 640 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Simon Property Group were worth $58,688,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Highland Capital Management LLC purchased a new stake in Simon Property Group in the 2nd quarter worth approximately $1,196,000. Capital Advisors Inc. OK lifted its holdings in Simon Property Group by 0.5% during the second quarter. Capital Advisors Inc. OK now owns 393,756 shares of the real estate investment trust’s stock valued at $63,300,000 after purchasing an additional 2,064 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Simon Property Group by 5.7% in 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 during the period. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Simon Property Group in the second quarter worth $283,000. Finally, Focus Partners Wealth raised its position in shares of Simon Property Group by 89.0% during the 1st quarter. Focus Partners Wealth now owns 114,156 shares of the real estate investment trust’s stock valued at $18,959,000 after purchasing an additional 53,764 shares during the period. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Simon Property Group

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

Simon Property Group Stock Down 0.1%

Shares of SPG stock opened at $183.55 on Friday. The company’s fifty day simple moving average is $180.73 and its two-hundred day simple moving average is $170.32. Simon Property Group, Inc. has a 52 week low of $136.34 and a 52 week high of $190.13. The stock has a market cap of $59.93 billion, a P/E ratio of 28.37, a PEG ratio of 12.73 and a beta of 1.50. 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. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Simon Property Group had a return on equity of 72.38% and a net margin of 36.78%.The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.05 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.600-12.700 EPS. Analysts predict that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their target price on shares of Simon Property Group from $187.00 to $188.00 and gave the company an “in-line” rating in a research note on Friday, October 17th. JPMorgan Chase & Co. raised their price target on Simon Property Group from $180.00 to $184.00 and gave the company a “neutral” rating in a report on Friday, August 22nd. Argus restated a “buy” rating and issued a $185.00 price objective on shares of Simon Property Group in a research report on Friday, September 5th. Barclays upped their price objective on Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Simon Property Group in a research note on Tuesday, October 14th. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Simon Property Group has an average rating of “Hold” and a consensus price target of $189.85.

Simon Property Group Company 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.