Simon Property Group Inc (NYSE:SPG) Announces Quarterly Dividend of $1.30

Simon Property Group Inc (NYSE:SPG) declared a quarterly dividend on Monday, June 29th, RTT News reports. Shareholders of record on Friday, July 10th will be given a dividend of 1.30 per share by the real estate investment trust on Friday, July 24th. This represents a $5.20 dividend on an annualized basis and a yield of 7.63%.

Simon Property Group has raised its dividend by an average of 310.9% annually over the last three years and has raised its dividend annually for the last 10 consecutive years. Simon Property Group has a dividend payout ratio of 140.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Simon Property Group to earn $11.00 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 76.4%.

SPG opened at $68.13 on Tuesday. The firm has a 50 day simple moving average of $65.07 and a 200 day simple moving average of $98.05. Simon Property Group has a fifty-two week low of $42.25 and a fifty-two week high of $165.48. The company has a market cap of $19.84 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 1.16 and a beta of 1.33. The company has a debt-to-equity ratio of 11.16, a current ratio of 3.60 and a quick ratio of 3.60.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 11th. The real estate investment trust reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $2.90 by ($1.47). The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. Simon Property Group had a return on equity of 68.08% and a net margin of 35.20%. Simon Property Group’s revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 EPS. As a group, analysts expect that Simon Property Group will post 10.72 EPS for the current year.

Several equities analysts have recently issued reports on SPG shares. Deutsche Bank boosted their price target on shares of Simon Property Group from $97.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Morgan Stanley dropped their price target on Simon Property Group from $120.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 24th. Bank of America cut Simon Property Group from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research report on Tuesday, April 14th. Citigroup dropped their target price on Simon Property Group from $147.00 to $49.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Finally, Raymond James cut Simon Property Group from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. Simon Property Group has an average rating of “Hold” and a consensus price target of $96.06.

In related news, Director Glyn Aeppel purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $50.50 per share, with a total value of $50,500.00. Following the acquisition, the director now owns 8,317 shares of the company’s stock, valued at $420,008.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.93% 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.

Further Reading: Margin

Dividend History for Simon Property Group (NYSE:SPG)

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