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

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

Simon Property Group Price Performance

Shares of SPG opened at $167.70 on Monday. The company has a market capitalization of $54.68 billion, a price-to-earnings ratio of 21.31, a P/E/G 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 current ratio of 2.04 and a quick ratio of 2.04. The business’s 50-day moving average is $168.55 and its 200-day moving average is $156.50.

Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.88 EPS. Equities research analysts expect that Simon Property Group will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued 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 currently 104.19%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Truist Financial increased their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, Scotiabank increased their price objective on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $162.78.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group 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 completion of the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is owned by company 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.