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

PNC Financial Services Group Inc. increased its position in shares of Simon Property Group, Inc. (NYSE:SPG) by 7.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 361,893 shares of the real estate investment trust’s stock after acquiring an additional 25,987 shares during the period. PNC Financial Services Group Inc.’s holdings in Simon Property Group were worth $62,322,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Banco Santander S.A. acquired a new position in Simon Property Group during the fourth quarter worth about $12,629,000. Bank Julius Baer & Co. Ltd Zurich increased its stake in Simon Property Group by 162.1% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 18,143 shares of the real estate investment trust’s stock worth $3,448,000 after purchasing an additional 11,221 shares in the last quarter. AMG National Trust Bank purchased a new position in Simon Property Group in the 4th quarter worth about $318,000. Pacific Heights Asset Management LLC increased its stake in Simon Property Group by 400.0% in the 4th quarter. Pacific Heights Asset Management LLC now owns 500,000 shares of the real estate investment trust’s stock worth $86,105,000 after purchasing an additional 400,000 shares in the last quarter. Finally, Callan Family Office LLC increased its stake in Simon Property Group by 143.6% in the 4th quarter. Callan Family Office LLC now owns 3,905 shares of the real estate investment trust’s stock worth $672,000 after purchasing an additional 2,302 shares in the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 465 shares of Simon Property Group stock in a transaction that occurred on Monday, December 30th. The stock was purchased at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the acquisition, the director now owns 55,919 shares in the company, valued at $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Stock Down 2.0 %

Shares of Simon Property Group stock opened at $170.97 on Monday. The firm has a market cap of $55.78 billion, a price-to-earnings ratio of 23.55, a P/E/G ratio of 10.10 and a beta of 1.78. The company has a debt-to-equity ratio of 7.19, a current ratio of 1.28 and a quick ratio of 2.00. Simon Property Group, Inc. has a 52-week low of $139.25 and a 52-week high of $190.14. The stock has a 50-day simple moving average of $178.03 and a 200-day simple moving average of $174.60.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $1.70. Simon Property Group had a return on equity of 74.02% and a net margin of 41.49%. On average, equities research analysts expect that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $8.40 annualized dividend and a yield of 4.91%. Simon Property Group’s dividend payout ratio (DPR) is currently 115.70%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Mizuho lifted their price target on Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Piper Sandler raised Simon Property Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $175.00 to $205.00 in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Simon Property Group in a research note on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price target on the stock. StockNews.com cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Jefferies Financial Group upgraded Simon Property Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $178.44.

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.