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

Simon Property Group (NYSE:SPG) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 12.750-12.900 for the period, compared to the consensus earnings per share estimate of 12.080. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.75-12.90 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Evercore ISI boosted their price target on Simon Property Group from $142.00 to $150.00 and gave the company an in-line rating in a report on Wednesday, February 28th. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a research report on Thursday, April 18th. Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an equal weight rating in a report on Monday, February 26th. Finally, Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of Moderate Buy and a consensus target price of $140.22.

Simon Property Group Stock Up 2.4 %

SPG stock traded up $3.51 during midday trading on Tuesday, hitting $147.95. The company’s stock had a trading volume of 2,671,251 shares, compared to its average volume of 1,493,685. The firm has a 50-day simple moving average of $148.11 and a 200-day simple moving average of $138.68. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group has a 52-week low of $100.17 and a 52-week high of $157.82. The firm has a market capitalization of $48.22 billion, a P/E ratio of 20.96, a PEG ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.74 EPS. As a group, equities analysts forecast that Simon Property Group will post 12.06 EPS for the current year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date is Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group declared that its Board of Directors has approved a share repurchase plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.