Zacks: Analysts Expect Simon Property Group, Inc. (SPG) Will Announce Quarterly Sales of $1.47 Billion
Wall Street brokerages expect Simon Property Group, Inc. (NYSE:SPG) to report sales of $1.47 billion for the current quarter, according to Zacks. Five analysts have provided estimates for Simon Property Group’s earnings, with the highest sales estimate coming in at $1.50 billion and the lowest estimate coming in at $1.44 billion. Simon Property Group reported sales of $1.43 billion in the same quarter last year, which indicates a positive year over year growth rate of 2.8%. The company is expected to report its next earnings results on Tuesday, January 30th.
According to Zacks, analysts expect that Simon Property Group will report full-year sales of $1.47 billion for the current fiscal year, with estimates ranging from $5.44 billion to $5.61 billion. For the next year, analysts expect that the firm will post sales of $5.79 billion per share, with estimates ranging from $5.58 billion to $5.95 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Simon Property Group.
Simon Property Group (NYSE:SPG) last announced its earnings results on Friday, October 27th. The real estate investment trust reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.88 by $0.01. Simon Property Group had a return on equity of 41.85% and a net margin of 31.96%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $2.70 EPS. The business’s revenue was up 3.4% on a year-over-year basis.
SPG has been the topic of a number of recent analyst reports. BMO Capital Markets initiated coverage on Simon Property Group in a research report on Monday, September 11th. They set an “outperform” rating and a $175.00 target price on the stock. Stifel Nicolaus set a $170.00 target price on Simon Property Group and gave the company a “hold” rating in a research report on Sunday, August 27th. Jefferies Group LLC reiterated a “buy” rating on shares of Simon Property Group in a research report on Tuesday, July 25th. BidaskClub upgraded Simon Property Group from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Zacks Investment Research lowered Simon Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $191.45.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Simon Property Group by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 45,741,576 shares of the real estate investment trust’s stock worth $7,399,158,000 after acquiring an additional 259,901 shares during the period. Capital World Investors raised its holdings in shares of Simon Property Group by 25.4% during the 2nd quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock worth $3,362,667,000 after acquiring an additional 4,210,000 shares during the period. APG Asset Management US Inc. raised its holdings in shares of Simon Property Group by 3.2% during the 3rd quarter. APG Asset Management US Inc. now owns 7,493,740 shares of the real estate investment trust’s stock worth $1,206,567,000 after acquiring an additional 235,200 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Simon Property Group by 9.7% during the 2nd quarter. Principal Financial Group Inc. now owns 6,112,741 shares of the real estate investment trust’s stock worth $988,797,000 after acquiring an additional 542,743 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Simon Property Group by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,838,794 shares of the real estate investment trust’s stock worth $944,483,000 after acquiring an additional 108,510 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.
Simon Property Group (NYSE:SPG) opened at $155.00 on Friday. Simon Property Group has a 52-week low of $150.15 and a 52-week high of $189.25. The stock has a market capitalization of $49,590.24, a P/E ratio of 14.08, a PEG ratio of 2.08 and a beta of 0.60. The company has a debt-to-equity ratio of 5.57, a quick ratio of 0.94 and a current ratio of 0.93.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be issued a dividend of $1.85 per share. This represents a $7.40 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Wednesday, November 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.80. Simon Property Group’s payout ratio is currently 126.98%.
Simon Property Group Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Simon Property Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Simon Property Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.