Simon Property Group, Inc. (NYSE:SPG) to Issue Quarterly Dividend of $2.10

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Friday, November 1st, RTT News reports. Shareholders of record on Monday, December 9th will be paid a dividend of 2.10 per share by the real estate investment trust on Monday, December 30th. This represents a $8.40 dividend on an annualized basis and a yield of 5.01%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05.

Simon Property Group has increased its dividend by an average of 7.5% per year over the last three years. Simon Property Group has a payout ratio of 131.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Simon Property Group to earn $12.45 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 65.9%.

Simon Property Group Stock Performance

Shares of NYSE SPG opened at $167.70 on Friday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $54.68 billion, a P/E ratio of 21.31, a P/E/G ratio of 9.61 and a beta of 1.74. The firm’s fifty day moving average is $168.55 and its two-hundred day moving average is $156.27. Simon Property Group has a 52-week low of $113.40 and a 52-week high of $177.08.

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

Analyst Ratings Changes

SPG has been the topic of a number of research reports. Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Truist Financial boosted their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Scotiabank boosted their target price 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, Mizuho boosted their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Simon Property Group presently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Buying and Selling at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is owned by corporate 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.