PNC Financial Services Group Inc. Buys 18,652 Shares of Simon Property Group, Inc. $SPG

PNC Financial Services Group Inc. lifted its position in Simon Property Group, Inc. (NYSE:SPG) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 383,719 shares of the real estate investment trust’s stock after acquiring an additional 18,652 shares during the period. PNC Financial Services Group Inc.’s holdings in Simon Property Group were worth $72,013,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in Simon Property Group by 4.5% during the third quarter. HighTower Advisors LLC now owns 1,123,638 shares of the real estate investment trust’s stock worth $210,873,000 after acquiring an additional 48,594 shares in the last quarter. Aberdeen Group plc increased its stake in shares of Simon Property Group by 4.3% during the 3rd quarter. Aberdeen Group plc now owns 679,536 shares of the real estate investment trust’s stock worth $126,292,000 after purchasing an additional 27,751 shares during the last quarter. Cidel Asset Management Inc. acquired a new position in shares of Simon Property Group during the 3rd quarter worth about $219,000. MidWestOne Financial Group Inc. bought a new stake in shares of Simon Property Group in the 3rd quarter valued at about $208,000. Finally, Naviter Wealth LLC lifted its stake in Simon Property Group by 5.2% in the 3rd quarter. Naviter Wealth LLC now owns 26,388 shares of the real estate investment trust’s stock valued at $4,952,000 after purchasing an additional 1,307 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Simon Property Group Trading Up 2.8%

Shares of Simon Property Group stock opened at $196.86 on Tuesday. The company has a debt-to-equity ratio of 4.42, a quick ratio of 1.44 and a current ratio of 0.90. The firm has a 50-day moving average of $187.31 and a 200-day moving average of $181.99. Simon Property Group, Inc. has a 52-week low of $136.34 and a 52-week high of $201.40. The stock has a market cap of $64.27 billion, a PE ratio of 13.88, a PEG ratio of 7.23 and a beta of 1.39.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 2nd. The real estate investment trust reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.02. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Simon Property Group had a net margin of 72.71% and a return on equity of 124.12%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.68 EPS. Simon Property Group has set its FY 2026 guidance at 13.000-13.250 EPS. As a group, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current year.

Simon Property Group announced that its Board of Directors has initiated a share repurchase program on Thursday, February 5th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Simon Property Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 10th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, March 10th. Simon Property Group’s payout ratio is presently 62.06%.

Insiders Place Their Bets

In related news, Director Larry C. Glasscock acquired 363 shares of the stock in a transaction on Wednesday, December 31st. The shares were purchased at an average price of $186.00 per share, for a total transaction of $67,518.00. Following the purchase, the director directly owned 43,899 shares in the company, valued at approximately $8,165,214. The trade was a 0.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gary M. Rodkin acquired 226 shares of the company’s stock in a transaction on Wednesday, December 31st. The stock was bought at an average cost of $186.00 per share, with a total value of $42,036.00. Following the completion of the acquisition, the director directly owned 19,455 shares in the company, valued at approximately $3,618,630. This represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 2,192 shares of company stock valued at $407,712 in the last quarter. Company insiders own 8.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SPG shares. Weiss Ratings reissued a “buy (b)” rating on shares of Simon Property Group in a research report on Friday, January 9th. JPMorgan Chase & Co. lifted their target price on Simon Property Group from $198.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Barclays reissued a “positive” rating and set a $188.00 target price on shares of Simon Property Group in a report on Tuesday, January 13th. Stifel Nicolaus raised their price target on Simon Property Group from $184.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, February 3rd. Finally, Scotiabank upped their price objective on shares of Simon Property Group from $186.00 to $189.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $197.93.

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.