Simon Property Group (NYSE:SPG – Get Free Report) 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.
Get Our Latest Stock Report on Simon Property Group
Simon Property Group Stock Performance
Simon Property Group (NYSE:SPG – Get Free Report) 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.
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