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 12.800-12.900 for the period, compared to the consensus earnings per share estimate of 12.760. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.80-12.90 EPS.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Scotiabank upped their price target on Simon Property Group from $142.00 to $152.00 and gave the stock a sector perform rating in a research note on Thursday, May 16th. Finally, Argus upped their price target on 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 issued a buy rating to the company. Based on data from MarketBeat, Simon Property Group currently has an average rating of Moderate Buy and a consensus price target of $149.89.

Simon Property Group Stock Down 2.0 %

Shares of SPG stock traded down $3.02 during trading hours on Monday, hitting $148.05. 2,048,371 shares of the company were exchanged, compared to its average volume of 1,471,201. The business’s 50-day simple moving average is $150.32 and its two-hundred day simple moving average is $148.08. Simon Property Group has a one year low of $102.11 and a one year high of $158.50. The stock has a market capitalization of $48.26 billion, a price-to-earnings 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 quick ratio of 2.19 and a current ratio of 2.19.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.74 EPS. Sell-side analysts predict 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. Investors of record on Monday, September 9th will be issued a $2.05 dividend. This represents a $8.20 annualized dividend and a yield of 5.54%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is presently 101.91%.

Insider Buying and Selling

In other Simon Property Group 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 acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 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.