PNC Financial Services Group Inc. Sells 4,303 Shares of Simon Property Group, Inc. $SPG

PNC Financial Services Group Inc. lessened its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 1.4% during the first quarter, HoldingsChannel.com reports. The firm owned 297,296 shares of the real estate investment trust’s stock after selling 4,303 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Simon Property Group were worth $55,455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC bought a new position in Simon Property Group in the 4th quarter valued at about $295,000. Marshall Wace LLP boosted its holdings in shares of Simon Property Group by 316.2% during the 2nd quarter. Marshall Wace LLP now owns 19,787 shares of the real estate investment trust’s stock valued at $3,181,000 after acquiring an additional 15,033 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Simon Property Group by 80.1% during the second quarter. Jump Financial LLC now owns 16,881 shares of the real estate investment trust’s stock worth $2,714,000 after purchasing an additional 7,506 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Simon Property Group by 1.7% during the second quarter. Cerity Partners LLC now owns 35,740 shares of the real estate investment trust’s stock valued at $5,745,000 after acquiring an additional 598 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Simon Property Group by 13.4% during the 2nd quarter. NewEdge Advisors LLC now owns 28,444 shares of the real estate investment trust’s stock worth $4,573,000 after buying an additional 3,372 shares during the period. Institutional investors own 93.01% of the company’s stock.

Simon Property Group Stock Performance

NYSE:SPG opened at $225.06 on Friday. The company has a market capitalization of $72.99 billion, a P/E ratio of 15.64, a P/E/G ratio of 2.92 and a beta of 1.29. The business has a fifty day simple moving average of $215.33 and a two-hundred day simple moving average of $201.40. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84. Simon Property Group, Inc. has a 1 year low of $159.70 and a 1 year high of $231.52.

Simon Property Group (NYSE:SPG) last issued its quarterly 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%.The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. 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 expect that Simon Property Group, Inc. will post 13.21 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were issued a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 4.0%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.20. The ex-dividend date of this dividend was Tuesday, June 9th. Simon Property Group’s payout ratio is currently 62.54%.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Marta R. Stewart bought 182 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of $223.16 per share, for a total transaction of $40,615.12. Following the completion of the transaction, the director directly owned 18,000 shares of the company’s stock, valued at $4,016,880. This trade represents a 1.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Glyn Aeppel bought 243 shares of Simon Property Group stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of $223.36 per share, with a total value of $54,276.48. Following the purchase, the director directly owned 21,067 shares of the company’s stock, valued at approximately $4,705,525.12. This represents a 1.17% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 2,387 shares of company stock valued at $533,056. Insiders own 8.73% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 price target on the stock. in a research report on Thursday, July 9th. UBS Group increased their price target on Simon Property Group from $199.00 to $222.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Truist Financial lifted their price objective on shares of Simon Property Group from $196.00 to $215.00 and gave the company a “hold” rating in a report on Tuesday, June 23rd. Evercore set a $215.00 price target on Simon Property Group in a report on Tuesday, July 7th. Finally, Barclays increased their price objective on shares of Simon Property Group from $212.00 to $213.00 and gave the company an “equal weight” rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $216.14.

Simon Property Group Company Profile

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.