Simon Property Group (NYSE:SPG) Issues FY22 Earnings Guidance

Simon Property Group (NYSE:SPG – Get Rating) updated its FY22 earnings guidance on Monday. The company provided earnings per share guidance of $11.60-11.75 for the period, compared to the consensus earnings per share estimate of $11.72. Simon Property Group also updated its FY 2022 guidance to $11.60-$11.75 EPS.

Several equities research analysts have recently commented on SPG shares. Stifel Nicolaus lowered their price objective on shares of Simon Property Group from $180.00 to $165.00 in a research note on Tuesday. Morgan Stanley reduced their target price on shares of Simon Property Group from $180.00 to $160.00 and set an overweight rating for the company in a research note on Monday, March 7th. Mizuho lowered their price target 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. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Simon Property Group from $190.00 to $173.00 and set a buy rating on the stock in a research note on Thursday, March 31st. Finally, Wells Fargo & Company reduced their target price on shares of Simon Property Group from $152.00 to $140.00 and set an equal weight rating for the company in a report on Thursday, April 7th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $164.31.

SPG traded up $2.61 during trading hours on Thursday, hitting $115.62. 2,752,368 shares of the company’s stock were exchanged, compared to its average volume of 2,174,886. Simon Property Group has a 12-month low of $111.17 and a 12-month high of $171.12. The firm has a 50 day moving average of $127.94 and a 200 day moving average of $144.36. The firm has a market cap of $37.99 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 2.34 and a beta of 1.46. 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:SPG – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($1.44). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.24 billion. Simon Property Group had a return on equity of 58.02% and a net margin of 43.97%. Simon Property Group’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.48 earnings per share. As a group, research analysts expect that Simon Property Group will post 11.73 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 9th will be issued a $1.70 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a yield of 5.88%. The ex-dividend date of this dividend is Wednesday, June 8th. Simon Property Group’s dividend payout ratio is currently 96.49%.

A number of hedge funds have recently modified their holdings of the business. Morgan Stanley boosted its position in Simon Property Group by 56.6% during the 2nd quarter. Morgan Stanley now owns 4,402,869 shares of the real estate investment trust’s stock valued at $574,486,000 after purchasing an additional 1,590,556 shares during the period. Parametric Portfolio Associates LLC grew its holdings in shares of Simon Property Group by 1.0% in the 4th quarter. Parametric Portfolio Associates LLC now owns 1,444,886 shares of the real estate investment trust’s stock valued at $230,849,000 after buying an additional 13,905 shares during the period. California State Teachers Retirement System lifted its position in Simon Property Group by 1.2% in the 4th quarter. California State Teachers Retirement System now owns 583,089 shares of the real estate investment trust’s stock valued at $93,160,000 after acquiring an additional 7,112 shares in the last quarter. NewEdge Advisors LLC lifted its position in Simon Property Group by 679.4% in the 4th quarter. NewEdge Advisors LLC now owns 14,972 shares of the real estate investment trust’s stock valued at $2,393,000 after acquiring an additional 13,051 shares in the last quarter. Finally, Flagship Harbor Advisors LLC grew its position in shares of Simon Property Group by 26.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 13,042 shares of the real estate investment trust’s stock worth $2,084,000 after purchasing an additional 2,719 shares in the last quarter. 91.62% of the stock is owned by institutional investors and hedge funds.

Simon Property Group Company Profile (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.

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