Simon Property Group (NYSE:SPG) Updates FY24 Earnings Guidance

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

Simon Property Group Stock Down 0.8 %

Simon Property Group stock opened at $167.70 on Monday. The business’s 50-day simple moving average is $168.55 and its two-hundred day simple moving average is $156.50. The company has a market cap of $54.68 billion, a PE ratio of 21.31, a PEG ratio of 9.61 and a beta of 1.74. Simon Property Group has a fifty-two week low of $113.40 and a fifty-two week high of $177.08. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. Simon Property Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.88 earnings per share. Equities analysts anticipate that Simon Property Group will post 12.85 EPS for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $2.10 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.01%. Simon Property Group’s dividend payout ratio is presently 104.19%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SPG shares. Piper Sandler reissued a “neutral” rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Scotiabank increased their price target on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Mizuho lifted their price objective on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $159.00 target price (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Activity

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the transaction, the director now directly owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 8.50% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.