Simon Property Group (NYSE:SPG) Releases FY 2024 Earnings Guidance

Simon Property Group (NYSE:SPG) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 12.800-12.900 for the period, compared to the consensus estimate of 12.760. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.80-12.90 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research report on Thursday, April 18th. Scotiabank upped their price target on Simon Property Group from $142.00 to $152.00 and gave the company a sector perform rating in a report on Thursday, May 16th. Finally, Argus lifted their price objective on Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group has an average rating of Moderate Buy and a consensus target price of $149.89.

Simon Property Group Stock Performance

NYSE:SPG traded down $3.02 on Monday, hitting $148.05. The stock had a trading volume of 2,048,371 shares, compared to its average volume of 1,471,201. The business’s 50-day simple moving average is $150.32 and its two-hundred day simple moving average is $148.08. The stock has a market cap of $48.26 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 8.78 and a beta of 1.75. Simon Property Group has a 52-week low of $102.11 and a 52-week high of $158.50. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20.

Simon Property Group (NYSE:SPG) last released its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. Simon Property Group’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.74 earnings per share. As a group, research analysts predict that Simon Property Group will post 12.84 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid 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 5.54%. Simon Property Group’s payout ratio is 101.91%.

Insider Buying and Selling

In other news, Director Reuben S. Leibowitz bought 486 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were bought 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 in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.50% of the stock is currently owned by insiders.

About Simon Property Group

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.