Analysts Anticipate Simon Property Group, Inc. (NYSE:SPG) Will Announce Earnings of $2.88 Per Share
Wall Street analysts predict that Simon Property Group, Inc. (NYSE:SPG) will report earnings per share of $2.88 for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Simon Property Group’s earnings, with the lowest EPS estimate coming in at $2.84 and the highest estimate coming in at $2.90. Simon Property Group posted earnings per share of $2.70 in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.7%. The firm is scheduled to report its next earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Simon Property Group will report full year earnings of $11.18 per share for the current financial year, with EPS estimates ranging from $11.15 to $11.24. For the next financial year, analysts expect that the company will post earnings of $12.18 per share, with EPS estimates ranging from $12.06 to $12.28. Zacks’ EPS calculations are an average based on a survey of research analysts that follow Simon Property Group.
Simon Property Group (NYSE:SPG) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.44 by $0.03. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.63 earnings per share.
Several research firms have recently commented on SPG. Boenning Scattergood set a $240.00 price target on shares of Simon Property Group and gave the company a “buy” rating in a research report on Wednesday. BidaskClub raised shares of Simon Property Group from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Jefferies Group LLC reaffirmed a “buy” rating on shares of Simon Property Group in a research report on Tuesday, July 25th. Barclays PLC reduced their price target on shares of Simon Property Group from $191.00 to $188.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 18th. Finally, Stifel Nicolaus began coverage on shares of Simon Property Group in a report on Friday, July 14th. They issued a “hold” rating and a $170.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $194.88.
Several institutional investors have recently bought and sold shares of the company. RiverPoint Capital Management LLC increased its position in shares of Simon Property Group by 5.1% in the second quarter. RiverPoint Capital Management LLC now owns 2,323 shares of the real estate investment trust’s stock worth $376,000 after buying an additional 112 shares during the last quarter. Boston Private Wealth LLC increased its position in shares of Simon Property Group by 5.3% in the second quarter. Boston Private Wealth LLC now owns 1,261 shares of the real estate investment trust’s stock worth $204,000 after buying an additional 63 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Simon Property Group by 0.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 449,262 shares of the real estate investment trust’s stock worth $72,673,000 after buying an additional 2,233 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Simon Property Group during the second quarter worth approximately $704,000. Finally, Everence Capital Management Inc. increased its position in shares of Simon Property Group by 33.9% in the second quarter. Everence Capital Management Inc. now owns 8,293 shares of the real estate investment trust’s stock worth $1,341,000 after buying an additional 2,100 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.
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Simon Property Group (SPG) traded up 1.59% on Wednesday, hitting $164.53. The stock had a trading volume of 1,647,499 shares. Simon Property Group has a 12 month low of $150.15 and a 12 month high of $223.07. The stock has a market cap of $51.14 billion, a PE ratio of 29.32 and a beta of 0.58. The firm’s 50 day moving average price is $160.11 and its 200-day moving average price is $168.14.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be paid a $1.80 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $7.20 annualized dividend and a dividend yield of 4.38%. Simon Property Group’s payout ratio is 124.33%.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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