Simon Property Group Inc (NYSE:SPG) declared a quarterly dividend on Thursday, October 25th, RTT News reports. Stockholders of record on Friday, November 16th will be paid a dividend of 2.00 per share by the real estate investment trust on Friday, November 30th. This represents a $8.00 annualized dividend and a dividend yield of 4.42%.
Simon Property Group has raised its dividend by an average of 11.6% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Simon Property Group has a payout ratio of 66.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Simon Property Group to earn $12.57 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 63.6%.
Shares of NYSE SPG opened at $180.82 on Friday. The company has a debt-to-equity ratio of 6.13, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $55.06 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 2.36 and a beta of 0.53. Simon Property Group has a 12-month low of $145.78 and a 12-month high of $186.03.
A number of brokerages have issued reports on SPG. Bank of America boosted their price target on Simon Property Group from $193.00 to $203.00 and gave the stock a “buy” rating in a research report on Monday, September 10th. Royal Bank of Canada upped their price objective on shares of Simon Property Group to $183.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 21st. Mizuho reaffirmed a “buy” rating and issued a $188.00 price objective on shares of Simon Property Group in a report on Wednesday, August 1st. Argus upped their price objective on shares of Simon Property Group to $200.00 and gave the stock a “buy” rating in a report on Thursday, October 11th. Finally, Wells Fargo & Co upped their price objective on shares of Simon Property Group from $175.00 to $183.00 and gave the stock an “outperform” rating in a report on Tuesday, July 31st. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $192.31.
In other news, insider John Rulli sold 1,330 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $177.05, for a total value of $235,476.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.64% of the company’s stock.
About Simon Property Group
Simon is a global leader 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.
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