PNC Financial Services Group Inc. Trims Stock Position in Simon Property Group, Inc. $SPG

Key Points

• PNC Financial Services reduced its stake in Simon Property Group by 21.4% in the fourth quarter, selling 82,120 shares and leaving it with 301,599 shares valued at about $55.8 million.
• Simon Property Group reported strong quarterly results, with EPS of $1.48 versus expectations of $1.46 and revenue of $1.76 billion, topping estimates and rising 19.3% year over year.
• The REIT raised its dividend to $2.25 per share from $2.20 and also has a new $2.0 billion share repurchase authorization, signaling continued shareholder returns.

PNC Financial Services Group Inc. cut its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 21.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 301,599 shares of the real estate investment trust's stock after selling 82,120 shares during the period. PNC Financial Services Group Inc. owned approximately 0.09% of Simon Property Group worth $55,829,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stance Capital LLC purchased a new stake in Simon Property Group during the 3rd quarter valued at approximately $26,000. Atlantic Union Bankshares Corp raised its stake in Simon Property Group by 143.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 209 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 123 shares during the last quarter. Tompkins Financial Corp purchased a new stake in Simon Property Group during the 4th quarter valued at approximately $42,000. Camelot Portfolios LLC purchased a new stake in Simon Property Group during the 4th quarter valued at approximately $53,000. Finally, Aventura Private Wealth LLC purchased a new stake in Simon Property Group during the 4th quarter valued at approximately $58,000. 93.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on SPG. JPMorgan Chase & Co. upped their price objective on Simon Property Group from $198.00 to $210.00 and gave the company a "neutral" rating in a research note on Friday, February 6th. UBS Group increased their target price on Simon Property Group from $189.00 to $199.00 and gave the stock a "neutral" rating in a research note on Monday. Scotiabank increased their target price on Simon Property Group from $192.00 to $206.00 and gave the stock a "sector perform" rating in a research note on Tuesday. Truist Financial increased their target price on Simon Property Group from $181.00 to $196.00 and gave the stock a "hold" rating in a research note on Monday, March 2nd. Finally, Evercore set a $207.00 target price on Simon Property Group in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $205.07.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $205.11 on Friday. The business's fifty day moving average price is $195.87 and its two-hundred day moving average price is $190.90. The stock has a market cap of $66.65 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 3.69 and a beta of 1.33. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.84 and a current ratio of 0.84. Simon Property Group, Inc. has a one year low of $155.44 and a one year high of $208.28.

Simon Property Group (NYSE:SPG - Get Free Report) last announced its earnings results on Monday, May 11th. The real estate investment trust reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.54 billion. Simon Property Group had a return on equity of 104.54% and a net margin of 70.60%.Simon Property Group's quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.95 EPS. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. On average, analysts forecast that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th will be issued a dividend of $2.25 per share. This is a boost from Simon Property Group's previous quarterly dividend of $2.20. The ex-dividend date is Tuesday, June 9th. This represents a $9.00 dividend on an annualized basis and a yield of 4.4%. Simon Property Group's payout ratio is currently 61.15%.

Simon Property Group announced that its Board of Directors has approved a share repurchase plan 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 stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

About Simon Property Group

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.

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