Simon Property Group, Inc. (NYSE:SPG) Plans Dividend Increase – $2.05 Per Share

Simon Property Group, Inc. (NYSE:SPG) declared a quarterly dividend on Monday, August 5th, RTT News reports. Stockholders of record on Monday, September 9th will be paid a dividend of 2.05 per share by the real estate investment trust on Monday, September 30th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00.

Simon Property Group has increased its dividend payment by an average of 7.5% per year over the last three years. Simon Property Group has a dividend payout ratio of 128.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Simon Property Group to earn $12.44 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 65.9%.

Simon Property Group Stock Up 0.2 %

Shares of SPG opened at $164.50 on Friday. The stock’s 50-day moving average price is $155.87 and its two-hundred day moving average price is $151.15. Simon Property Group has a 12 month low of $102.11 and a 12 month high of $169.18. The company has a market capitalization of $53.63 billion, a PE ratio of 20.96, a PEG ratio of 9.05 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. Simon Property Group’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.88 earnings per share. On average, analysts anticipate that Simon Property Group will post 12.85 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Evercore ISI lifted their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Truist Financial lifted their price objective on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus upped 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, August 6th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Finally, Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $161.28.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz purchased 486 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the purchase, the director now owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.