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

Key Points

• PNC Financial Services Group Inc. raised its stake in Simon Property Group by 1.1%, acquiring a total of 365,707 shares worth approximately $60.7 million by the end of the recent quarter.
• Multiple institutional investors significantly increased their positions in Simon Property Group, with Park Square Financial Group increasing its stake by 108% and Richardson Financial Services growing theirs by 185% during the first quarter.
• Simon Property Group recently declared a quarterly dividend of $2.10 per share, with an annualized yield of 5.2% and a payout ratio of approximately 133.76%.

PNC Financial Services Group Inc. increased its stake in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 365,707 shares of the real estate investment trust's stock after acquiring an additional 3,814 shares during the quarter. PNC Financial Services Group Inc. owned about 0.11% of Simon Property Group worth $60,737,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Square Financial Group LLC lifted its holdings in shares of Simon Property Group by 108.0% in the 1st quarter. Park Square Financial Group LLC now owns 156 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 81 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in Simon Property Group by 185.0% during the 1st quarter. Richardson Financial Services Inc. now owns 171 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 111 shares in the last quarter. Continuum Advisory LLC lifted its holdings in Simon Property Group by 421.6% during the 1st quarter. Continuum Advisory LLC now owns 193 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 156 shares in the last quarter. Colonial Trust Co SC lifted its holdings in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 57 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its position in Simon Property Group by 77.2% during the 1st quarter. AdvisorNet Financial Inc now owns 218 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 95 shares during the period. Institutional investors own 93.01% of the company's stock.

Insider Transactions at Simon Property Group

In related news, Director Gary M. Rodkin acquired 246 shares of Simon Property Group stock in a transaction on Monday, June 30th. The stock was bought at an average cost of $159.29 per share, for a total transaction of $39,185.34. Following the completion of the transaction, the director owned 19,010 shares of the company's stock, valued at approximately $3,028,102.90. The trade was a 1.31% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Larry C. Glasscock acquired 396 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average price of $159.29 per share, with a total value of $63,078.84. Following the completion of the transaction, the director directly owned 43,185 shares of the company's stock, valued at $6,878,938.65. This trade represents a 0.93% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 2,386 shares of company stock worth $380,066. Insiders own 8.60% of the company's stock.

Wall Street Analysts Forecast Growth

SPG has been the topic of a number of research reports. Piper Sandler cut their target price on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Stifel Nicolaus cut their price objective on shares of Simon Property Group from $180.00 to $179.00 and set a "buy" rating on the stock in a research report on Tuesday. Barclays assumed coverage on shares of Simon Property Group in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $170.00 price objective on the stock. Scotiabank lifted their price objective on shares of Simon Property Group from $159.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 17th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Simon Property Group in a research report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $182.64.

Simon Property Group Stock Performance

NYSE SPG traded up $5.52 on Tuesday, hitting $169.46. 2,645,247 shares of the company's stock traded hands, compared to its average volume of 1,387,565. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 8.29. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The firm's 50-day moving average price is $162.03 and its two-hundred day moving average price is $164.99. The firm has a market capitalization of $55.32 billion, a PE ratio of 26.19, a P/E/G ratio of 11.07 and a beta of 1.48.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 70.40%. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the previous year, the business posted $2.90 EPS. The business's revenue was up 13.9% compared to the same quarter last year. As a group, analysts expect that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $2.15 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $8.60 annualized dividend and a dividend yield of 5.1%. This is an increase from Simon Property Group's previous quarterly dividend of $2.10. Simon Property Group's dividend payout ratio (DPR) is presently 133.76%.

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.