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

Simon Property Group (NYSE:SPG) 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.

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:SPG) 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

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.