Simon Property Group (NYSE:SPG) Issues Quarterly Earnings Results, Misses Expectations By $1.42 EPS

Simon Property Group (NYSE:SPG) issued its earnings results on Monday. 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), Zacks reports. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the business posted $2.88 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. Simon Property Group updated its FY24 guidance to $12.80-12.90 EPS and its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Stock Up 5.1 %

Shares of SPG opened at $155.53 on Wednesday. The stock’s 50-day moving average price is $150.49 and its 200-day moving average price is $148.23. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a market capitalization of $50.69 billion, a price-to-earnings ratio of 19.81, a PEG 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.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $2.05 per share. The ex-dividend date is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 5.27%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is presently 101.91%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SPG shares. Evercore ISI lifted their price target on shares of Simon Property Group from $150.00 to $155.00 and gave the stock an “in-line” rating in a research note on Tuesday. Stifel Nicolaus lifted their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Argus lifted their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Finally, Scotiabank lifted their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.50.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the purchase, the director now directly owns 55,001 shares of the company’s stock, valued at $8,259,500.17. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 8.50% of the stock is currently owned by corporate 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.