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

PNC Financial Services Group Inc. boosted its position in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 51.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 335,906 shares of the real estate investment trust's stock after purchasing an additional 114,088 shares during the period. PNC Financial Services Group Inc. owned about 0.10% of Simon Property Group worth $56,775,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Aptus Capital Advisors LLC raised its position in shares of Simon Property Group by 3.9% in the third quarter. Aptus Capital Advisors LLC now owns 1,615 shares of the real estate investment trust's stock worth $273,000 after buying an additional 61 shares in the last quarter. Inspire Advisors LLC increased its position in shares of Simon Property Group by 1.6% during the third quarter. Inspire Advisors LLC now owns 4,118 shares of the real estate investment trust's stock valued at $696,000 after buying an additional 65 shares during the period. Diligent Investors LLC grew its position in shares of Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust's stock worth $2,086,000 after buying an additional 68 shares during the period. Augustine Asset Management Inc. boosted its position in shares of Simon Property Group by 3.8% in the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust's stock worth $282,000 after purchasing an additional 68 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in shares of Simon Property Group by 1.1% during the third quarter. Bleakley Financial Group LLC now owns 6,175 shares of the real estate investment trust's stock valued at $1,044,000 after acquiring an additional 68 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Simon Property Group Stock Down 0.2 %

Simon Property Group stock opened at $180.91 on Thursday. The business has a 50 day simple moving average of $171.85 and a 200-day simple moving average of $159.67. Simon Property Group, Inc. has a 12 month low of $119.92 and a 12 month high of $182.84. The stock has a market capitalization of $59.03 billion, a PE ratio of 24.09, a price-to-earnings-growth ratio of 10.57 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the business posted $3.20 earnings per share. The company's quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Simon Property Group, Inc. will post 12.79 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.64%. Simon Property Group's payout ratio is presently 109.19%.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of research analyst reports. Scotiabank lifted their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a "sector perform" rating in a research note on Monday, August 26th. Stifel Nicolaus reiterated a "hold" rating and set a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Evercore ISI raised shares of Simon Property Group from an "in-line" rating to an "outperform" rating and upped their price target for the company from $160.00 to $172.00 in a research report on Monday, September 16th. Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a "hold" rating in a research report on Wednesday, August 28th. Finally, Mizuho increased their price target on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a "neutral" rating in a research report on Monday, August 19th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has an average rating of "Hold" and a consensus price target of $162.78.

Insider Activity at Simon Property Group

In other news, Director Allan B. Hubbard acquired 370 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now owns 34,301 shares of the company's stock, valued at $5,738,557.30. This trade represents a 1.09 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.50% of the stock is owned by corporate insiders.

Simon Property Group 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.