Simon Property Group (NYSE:SPG) Releases 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.

Simon Property Group Stock Performance

NYSE SPG traded down $3.02 on Monday, hitting $148.05. 2,048,371 shares of the stock were exchanged, compared to its average volume of 1,471,201. The business’s fifty day moving average is $150.32 and its 200 day moving average is $148.08. Simon Property Group has a 52 week low of $102.11 and a 52 week high of $158.50. The company has a market capitalization of $48.26 billion, a PE ratio of 19.09, a P/E/G ratio of 8.78 and a beta of 1.75. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the company earned $2.74 earnings per share. Simon Property Group’s revenue for the quarter was up 6.8% compared to the same quarter last year. Research analysts anticipate that Simon Property Group will post 12.84 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 5.54%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SPG shares. Scotiabank increased 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. Argus raised their price objective on Simon Property Group from $157.00 to $168.00 and gave the company a buy rating in a report on Tuesday, June 11th. Finally, StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Simon Property Group has an average rating of Moderate Buy and an average target price of $149.89.

Insider Activity

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is owned by company insiders.

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.