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

Simon Property Group (NYSE:SPG) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $12.80-12.90 for the period, compared to the consensus estimate of $12.80.

Analyst Upgrades and Downgrades

SPG has been the topic of a number of research analyst reports. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price target (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial lifted their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler reissued a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Scotiabank lifted 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. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $162.78.

Simon Property Group Price Performance

SPG stock opened at $169.07 on Friday. The firm has a 50 day moving average of $168.53 and a 200-day moving average of $156.10. The firm has a market capitalization of $55.12 billion, a P/E ratio of 21.48, a price-to-earnings-growth ratio of 9.77 and a beta of 1.74. Simon Property Group has a 12 month low of $104.93 and a 12 month high of $177.08. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the firm earned $2.88 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, sell-side analysts predict that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend was Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 104.19%.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is currently owned by insiders.

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.