Simon Property Group, Inc. (NYSE:SPG) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its stake in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,893 shares of the real estate investment trust’s stock after buying an additional 25,987 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.11% of Simon Property Group worth $62,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in SPG. Capital Performance Advisors LLP bought a new position in Simon Property Group during the third quarter worth $30,000. CWA Asset Management Group LLC bought a new position in Simon Property Group during the third quarter worth $1,503,000. Assetmark Inc. lifted its stake in Simon Property Group by 3.8% during the third quarter. Assetmark Inc. now owns 8,769 shares of the real estate investment trust’s stock worth $1,482,000 after purchasing an additional 322 shares during the last quarter. Lindbrook Capital LLC lifted its stake in Simon Property Group by 34.9% during the third quarter. Lindbrook Capital LLC now owns 2,328 shares of the real estate investment trust’s stock worth $393,000 after purchasing an additional 602 shares during the last quarter. Finally, Del Sette Capital Management LLC lifted its stake in Simon Property Group by 1.8% during the third quarter. Del Sette Capital Management LLC now owns 12,583 shares of the real estate investment trust’s stock worth $2,127,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPG shares. Piper Sandler upgraded Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft started coverage on Simon Property Group in a research note on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday. Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and raised their target price for the company from $179.00 to $198.00 in a research note on Thursday, January 2nd. Finally, Mizuho raised their target price on Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $178.44.

Insider Activity at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 465 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the completion of the purchase, the director now directly owns 55,919 shares in the company, valued at $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 8.50% of the company’s stock.

Simon Property Group Price Performance

Shares of NYSE SPG opened at $170.97 on Monday. Simon Property Group, Inc. has a fifty-two week low of $139.25 and a fifty-two week high of $190.14. The firm’s 50-day simple moving average is $178.03 and its 200 day simple moving average is $174.60. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. The stock has a market cap of $55.78 billion, a P/E ratio of 23.55, a P/E/G ratio of 10.10 and a beta of 1.78.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Equities analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date is Monday, March 10th. Simon Property Group’s dividend payout ratio is currently 115.70%.

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.