Simon Property Group, Inc. (NYSE:SPG) to Issue Quarterly Dividend of $2.00

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Monday, May 6th, RTT News reports. Investors of record on Friday, June 7th will be given a dividend of 2.00 per share by the real estate investment trust on Friday, June 28th. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date is Friday, June 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95.

Simon Property Group has raised its dividend by an average of 7.5% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Simon Property Group has a payout ratio of 121.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Simon Property Group to earn $12.43 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 62.8%.

Simon Property Group Stock Performance

Simon Property Group stock opened at $147.95 on Wednesday. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a market capitalization of $48.22 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68. The stock has a fifty day moving average of $148.08 and a two-hundred day moving average of $138.97. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.74 EPS. On average, analysts anticipate that Simon Property Group will post 12.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Simon Property Group announced that its Board of Directors has approved a share repurchase program on Thursday, February 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Simon Property Group Company Profile

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.