Simon Property Group, Inc. (SPG) Expected to Announce Quarterly Sales of $1.40 Billion
Wall Street analysts forecast that Simon Property Group, Inc. (NYSE:SPG) will post sales of $1.40 billion for the current quarter, Zacks reports. Five analysts have made estimates for Simon Property Group’s earnings, with the lowest sales estimate coming in at $1.39 billion and the highest estimate coming in at $1.41 billion. Simon Property Group reported sales of $1.36 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2.9%. The firm is expected to issue its next earnings report before the market opens on Friday, October 27th.
On average, analysts expect that Simon Property Group will report full-year sales of $1.40 billion for the current year, with estimates ranging from $5.45 billion to $5.61 billion. For the next financial year, analysts forecast that the firm will report sales of $5.82 billion per share, with estimates ranging from $5.62 billion to $5.95 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Simon Property Group.
Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.03. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year.
A number of equities research analysts have weighed in on SPG shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $200.00 target price (up previously from $198.00) on shares of Simon Property Group in a report on Thursday, August 24th. Argus reduced their target price on Simon Property Group from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 22nd. Boenning Scattergood set a $240.00 target price on Simon Property Group and gave the company a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised Simon Property Group from a “hold” rating to a “buy” rating and set a $182.00 target price on the stock in a report on Wednesday, October 11th. Finally, Stifel Nicolaus started coverage on Simon Property Group in a report on Friday, July 14th. They issued a “hold” rating and a $170.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $193.07.
Large investors have recently made changes to their positions in the stock. Norway Savings Bank raised its position in Simon Property Group by 19.5% during the 2nd quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock worth $124,000 after purchasing an additional 125 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its position in Simon Property Group by 27.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 169 shares during the last quarter. Alpha Windward LLC raised its position in Simon Property Group by 12.2% during the 2nd quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 93 shares during the last quarter. IHT Wealth Management LLC raised its position in Simon Property Group by 5.3% during the 1st quarter. IHT Wealth Management LLC now owns 911 shares of the real estate investment trust’s stock worth $155,000 after purchasing an additional 46 shares during the last quarter. Finally, Highstreet Asset Management Inc. bought a new position in Simon Property Group during the 2nd quarter worth $157,000. 94.70% of the stock is owned by institutional investors and hedge funds.
Shares of Simon Property Group (NYSE:SPG) traded down 0.48% during trading on Tuesday, reaching $164.72. The company’s stock had a trading volume of 1,300,017 shares. The firm’s 50-day moving average is $161.54 and its 200 day moving average is $161.36. Simon Property Group has a 52-week low of $150.15 and a 52-week high of $199.69. The company has a market cap of $51.20 billion, a PE ratio of 29.36 and a beta of 0.60.
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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