Simon Property Group (NYSE:SPG) Releases Quarterly Earnings Results, Misses Expectations By $1.42 EPS

Simon Property Group (NYSE:SPG) announced its earnings results on Monday. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($1.42), Zacks reports. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.88 earnings per share. Simon Property Group updated its FY24 guidance to $12.80-12.90 EPS and its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Stock Up 4.1 %

Shares of NYSE SPG traded up $6.07 during midday trading on Tuesday, reaching $154.12. 581,042 shares of the company’s stock traded hands, compared to its average volume of 1,465,268. Simon Property Group has a one year low of $102.11 and a one year high of $158.50. The stock’s 50 day simple moving average is $150.32 and its 200-day simple moving average is $148.13. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market cap of $50.23 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 8.78 and a beta of 1.75.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $2.05 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.32%. Simon Property Group’s dividend payout ratio is presently 101.91%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SPG. Scotiabank increased their target price on shares of 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. 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. Evercore ISI increased their price target on Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a report on Tuesday. Stifel Nicolaus lifted their target price on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a research report on Tuesday. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $153.50.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 486 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a filing with the SEC, which is accessible 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.