Simon Property Group (NYSE:SPG) Releases FY24 Earnings Guidance

Simon Property Group (NYSE:SPG) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $12.80-12.90 for the period, compared to the consensus estimate of $12.80. Simon Property Group also updated its FY 2024 guidance to 12.800-12.900 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a research note on Thursday, September 12th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Scotiabank increased their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Truist Financial raised their price target on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Simon Property Group presently has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Performance

NYSE:SPG opened at $167.70 on Monday. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The stock’s fifty day moving average is $168.55 and its 200 day moving average is $156.50. The firm has a market capitalization of $54.68 billion, a PE ratio of 21.31, a PEG ratio of 9.61 and a beta of 1.74. Simon Property Group has a fifty-two week low of $113.40 and a fifty-two week high of $177.08.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, August 5th. 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). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the business earned $2.88 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, sell-side analysts anticipate that Simon Property Group will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 5.01%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio is 104.19%.

Insider Transactions at Simon Property Group

In related news, Director Allan B. Hubbard bought 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.50% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.