Simon Property Group (SPG) Set to Announce Earnings on Monday

Simon Property Group (NYSE:SPG) will post its quarterly earnings results after the market closes on Monday, May 6th. Analysts expect Simon Property Group to post earnings of $2.80 per share for the quarter. Simon Property Group has set its FY24 guidance at $11.85-$12.10 EPS and its FY 2024 guidance at 11.850-12.100 EPS.Investors interested in listening to the company’s conference call can do so using this link.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. During the same quarter in the previous year, the business posted $3.15 earnings per share. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, analysts expect Simon Property Group to post $12 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Trading Up 1.1 %

NYSE:SPG opened at $142.93 on Friday. The company has a market cap of $46.58 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 7.42 and a beta of 1.68. Simon Property Group has a twelve month low of $100.17 and a twelve month high of $157.82. The business has a 50 day moving average price of $148.21 and a two-hundred day moving average price of $138.01. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group announced that its board has initiated a share repurchase plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is currently 111.75%.

Analyst Ratings Changes

Several research firms have weighed in on SPG. Morgan Stanley boosted their price target on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Evercore ISI boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Truist Financial increased their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Simon Property Group presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.