Simon Property Group (NYSE:SPG) Issues Quarterly Earnings Results

Simon Property Group (NYSE:SPG) announced its quarterly earnings data on Monday. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42), Zacks reports. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. Simon Property Group’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.88 EPS. Simon Property Group updated its FY24 guidance to $12.80-12.90 EPS and its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Stock Performance

Simon Property Group stock traded up $6.07 during midday trading on Tuesday, reaching $154.12. The stock had a trading volume of 581,042 shares, compared to its average volume of 1,465,268. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The firm has a market capitalization of $50.23 billion, a PE ratio of 19.42, a P/E/G ratio of 8.78 and a beta of 1.75. Simon Property Group has a 12 month low of $102.11 and a 12 month high of $158.50. The firm’s 50-day moving average price is $150.32 and its 200 day moving average price is $148.13.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.32%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 101.91%.

Insider Buying and Selling at Simon Property Group

In related news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPG. Scotiabank upped their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Stifel Nicolaus raised their target price on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research note on Tuesday. Evercore ISI boosted their price target on shares of Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research note on Tuesday. Argus raised their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and an average price target of $153.50.

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.