Simon Property Group (NYSE:SPG) Updates FY24 Earnings Guidance

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPG shares. StockNews.com upgraded shares of Simon Property Group from a hold rating to a buy rating in a report on Thursday, April 18th. Stifel Nicolaus raised their price target on Simon Property Group from $152.00 to $157.50 and gave the company a buy rating in a report on Tuesday. Evercore ISI upped their price target on shares of Simon Property Group from $150.00 to $155.00 and gave the stock an in-line rating in a research note on Tuesday. Scotiabank raised their price objective on shares of 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. Finally, Argus upped their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a research note on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $153.50.

Simon Property Group Price Performance

NYSE:SPG traded up $1.03 on Wednesday, reaching $156.57. 340,231 shares of the company’s stock traded hands, compared to its average volume of 1,464,272. The firm has a market cap of $51.03 billion, a PE ratio of 19.81, a P/E/G ratio of 8.78 and a beta of 1.75. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The stock has a 50-day simple moving average of $150.49 and a 200-day simple moving average of $148.23. Simon Property Group has a 12 month low of $102.11 and a 12 month high of $158.50.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data 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 company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.88 EPS. Equities research analysts forecast that Simon Property Group will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $2.05 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 5.24%. Simon Property Group’s payout ratio is 101.91%.

Insider Activity

In other news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.