Simon Property Group (SPG) to Release Quarterly Earnings on Friday

Simon Property Group (NYSE:SPG) is set to announce its earnings results after the market closes on Friday, November 1st. Analysts expect the company to announce earnings of $3.01 per share for the quarter. Simon Property Group has set its FY24 guidance at $12.80-12.90 EPS and its FY 2024 guidance at 12.800-12.900 EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

Simon Property Group (NYSE:SPG) last posted its quarterly 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). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the business earned $2.88 earnings per share. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts expect Simon Property Group to post $13 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Stock Up 1.9 %

Simon Property Group stock traded up $3.23 during midday trading on Monday, reaching $173.75. The company’s stock had a trading volume of 47,226 shares, compared to its average volume of 1,443,885. Simon Property Group has a fifty-two week low of $104.24 and a fifty-two week high of $177.08. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53. The company has a market cap of $56.65 billion, a P/E ratio of 22.08, a P/E/G ratio of 9.35 and a beta of 1.74. The business has a 50-day simple moving average of $167.66 and a 200-day simple moving average of $155.52.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $2.05 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.72%. Simon Property Group’s dividend payout ratio (DPR) is presently 104.19%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Truist Financial lifted their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $162.78.

Insider Activity

In other Simon Property Group news, Director Allan B. Hubbard acquired 370 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $167.30 per share, with a total value of $61,901.00. Following the completion of the acquisition, the director now directly 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

About Simon Property Group

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.