Fifth Third Bancorp Decreases Stake in Simon Property Group, Inc. (NYSE:SPG)

Fifth Third Bancorp trimmed its stake in Simon Property Group, Inc. (NYSE:SPG - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,142 shares of the real estate investment trust's stock after selling 1,884 shares during the period. Fifth Third Bancorp's holdings in Simon Property Group were worth $3,677,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SPG. Simon Quick Advisors LLC lifted its position in shares of Simon Property Group by 24.1% during the first quarter. Simon Quick Advisors LLC now owns 2,592 shares of the real estate investment trust's stock valued at $431,000 after buying an additional 504 shares during the last quarter. InTrack Investment Management Inc boosted its stake in Simon Property Group by 16.0% in the first quarter. InTrack Investment Management Inc now owns 5,500 shares of the real estate investment trust's stock valued at $913,000 after acquiring an additional 757 shares in the last quarter. USA Financial Formulas purchased a new position in Simon Property Group in the first quarter worth $717,000. Integrated Advisors Network LLC increased its position in shares of Simon Property Group by 4.8% during the first quarter. Integrated Advisors Network LLC now owns 19,764 shares of the real estate investment trust's stock worth $3,282,000 after purchasing an additional 903 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Simon Property Group by 782.1% in the 1st quarter. SG Americas Securities LLC now owns 63,080 shares of the real estate investment trust's stock worth $10,476,000 after purchasing an additional 55,929 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Simon Property Group Stock Performance

Simon Property Group stock traded up $0.89 during midday trading on Monday, hitting $157.79. 1,753,217 shares of the company were exchanged, compared to its average volume of 1,544,137. The business has a fifty day simple moving average of $157.80 and a two-hundred day simple moving average of $168.33. The company has a debt-to-equity ratio of 7.19, a quick ratio of 2.00 and a current ratio of 1.28. The firm has a market capitalization of $51.51 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47. Simon Property Group, Inc. has a fifty-two week low of $136.34 and a fifty-two week high of $190.14.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter in the previous year, the company earned $3.56 earnings per share. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. On average, sell-side analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current year.

Simon Property Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 5.32%. The ex-dividend date of this dividend is Monday, June 9th. Simon Property Group's payout ratio is 133.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SPG shares. Mizuho decreased their price target on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Piper Sandler decreased their price objective on shares of Simon Property Group from $205.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Wall Street Zen lowered shares of Simon Property Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 29th. JPMorgan Chase & Co. dropped their price objective on shares of Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Finally, Scotiabank cut their target price on Simon Property Group from $186.00 to $159.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $179.00.

About Simon Property Group

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.