Simon Property Group (NYSE:SPG) Updates FY 2024 Earnings Guidance

Simon Property Group (NYSE:SPG) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 12.800-12.900 for the period, compared to the consensus earnings per share estimate of 12.760. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.80-12.90 EPS.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Argus upped their price target on Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a report on Tuesday, June 11th. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a report on Thursday, April 18th. Finally, Scotiabank increased their price objective on Simon Property Group from $142.00 to $152.00 and gave the company a sector perform rating in a report on Thursday, May 16th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $149.89.

Simon Property Group Price Performance

NYSE:SPG traded down $3.02 during trading hours on Monday, hitting $148.05. The company’s stock had a trading volume of 2,048,371 shares, compared to its average volume of 1,471,201. The business’s 50-day moving average is $150.32 and its two-hundred day moving average is $148.08. The company has a market capitalization of $48.26 billion, a PE ratio of 19.09, a PEG ratio of 8.78 and a beta of 1.75. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. Simon Property Group has a 52-week low of $102.11 and a 52-week high of $158.50.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business earned $2.74 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that Simon Property Group will post 12.84 EPS for the current fiscal year.

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 $2.05 dividend. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.54%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is currently 101.91%.

Insider Buying and Selling

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 stock was purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is currently owned by company insiders.

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.