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

Simon Property Group (NYSE:SPGGet Free Report) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 12.800-12.900 for the period, compared to the consensus 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

Several research firms have recently commented on SPG. Stifel Nicolaus upped their target price on Simon Property Group from $152.00 to $157.50 and gave the company a buy rating in a research report on Tuesday. Evercore ISI boosted their price target on Simon Property Group from $150.00 to $155.00 and gave the company an in-line rating in a research note on Tuesday. Scotiabank boosted their price target on Simon Property Group from $142.00 to $152.00 and gave the company a sector perform rating in a research note on Thursday, May 16th. Argus boosted their price target on Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a research note on Tuesday, June 11th. Finally, StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $153.50.

Get Our Latest Analysis on Simon Property Group

Simon Property Group Trading Up 0.2 %

NYSE:SPG traded up $0.31 during trading hours on Wednesday, hitting $155.85. 360,278 shares of the company were exchanged, compared to its average volume of 1,464,476. The stock has a market capitalization of $50.80 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 8.78 and a beta of 1.75. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group has a one year low of $102.11 and a one year high of $158.50. The company has a fifty day simple moving average of $150.49 and a 200 day simple moving average of $148.23.

Simon Property Group (NYSE:SPGGet Free Report) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the business posted $2.88 earnings per share. The business’s revenue was up 4.8% on a year-over-year basis. Sell-side analysts expect that Simon Property Group will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Monday, September 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a dividend yield of 5.26%. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Insider Transactions at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, with a total value of $72,982.62. Following the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.50% of the company’s stock.

Simon Property Group Company Profile

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Simon Property Group (NYSE:SPG)

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