Simon Property Group (NYSE:SPG) Issues FY 2022 Earnings Guidance

Simon Property Group (NYSE:SPGGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided EPS guidance of $11.60-$11.75 for the period. The company issued revenue guidance of -.Simon Property Group also updated its FY22 guidance to $11.60-11.75 EPS.

NYSE:SPG traded up $0.88 during trading hours on Tuesday, hitting $119.07. 3,138,389 shares of the company traded hands, compared to its average volume of 2,155,467. The stock has a market capitalization of $39.13 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.34 and a beta of 1.46. Simon Property Group has a twelve month low of $113.41 and a twelve month high of $171.12. The firm has a 50-day moving average of $128.86 and a 200 day moving average of $144.76. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.64.

Simon Property Group (NYSE:SPGGet Rating) last announced its quarterly earnings results on Monday, May 9th. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($1.44). Simon Property Group had a net margin of 43.97% and a return on equity of 58.02%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm earned $2.48 EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts predict that Simon Property Group will post 11.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 9th will be paid a dividend of $1.70 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.65. The ex-dividend date is Wednesday, June 8th. This represents a $6.80 dividend on an annualized basis and a yield of 5.71%. Simon Property Group’s dividend payout ratio (DPR) is currently 96.49%.

SPG has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on shares of Simon Property Group from $152.00 to $140.00 and set an equal weight rating for the company in a research note on Thursday, April 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on Simon Property Group from $190.00 to $173.00 and set a buy rating on the stock in a research report on Thursday, March 31st. Morgan Stanley dropped their price objective on Simon Property Group from $180.00 to $160.00 and set an overweight rating for the company in a report on Monday, March 7th. Mizuho lowered their target price on shares of Simon Property Group from $162.00 to $158.00 and set a neutral rating for the company in a report on Tuesday, February 8th. Finally, Stifel Nicolaus lowered their target price on shares of Simon Property Group from $180.00 to $165.00 in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Buy and an average price target of $164.31.

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC acquired a new stake in shares of Simon Property Group in the fourth quarter valued at about $30,000. Covington Capital Management grew its stake in shares of Simon Property Group by 71.5% in the 4th quarter. Covington Capital Management now owns 763 shares of the real estate investment trust’s stock worth $122,000 after acquiring an additional 318 shares in the last quarter. Cypress Capital Group bought a new stake in shares of Simon Property Group in the 4th quarter worth $205,000. Autumn Glory Partners LLC purchased a new stake in Simon Property Group during the fourth quarter worth about $220,000. Finally, HB Wealth Management LLC purchased a new position in shares of Simon Property Group in the fourth quarter worth about $255,000. 91.62% of the stock is owned by institutional investors and hedge funds.

About Simon Property Group (Get Rating)

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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