Simon Property Group (NYSE:SPG) Issues Earnings Results

Simon Property Group (NYSE:SPG) released its earnings results on Monday. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55), RTT News reports. The firm 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 business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.74 EPS. Simon Property Group updated its FY24 guidance to $12.75-12.90 EPS and its FY 2024 guidance to 12.750-12.900 EPS.

Simon Property Group Price Performance

Shares of SPG opened at $147.95 on Wednesday. Simon Property Group has a 12-month low of $100.17 and a 12-month high of $157.82. The business’s fifty day moving average is $148.08 and its 200 day moving average is $138.97. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a market cap of $48.22 billion, a P/E ratio of 21.20, a P/E/G ratio of 7.50 and a beta of 1.68.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. Simon Property Group’s dividend payout ratio is presently 111.75%.

Analyst Upgrades and Downgrades

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

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