Simon Property Group (NYSE:SPG) Updates FY24 Earnings Guidance

Simon Property Group (NYSE:SPG) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $12.75-12.90 for the period, compared to the consensus EPS estimate of $12.08. Simon Property Group also updated its FY 2024 guidance to 12.750-12.900 EPS.

Wall Street Analyst Weigh In

SPG has been the topic of a number of research reports. Truist Financial lifted their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a research note on Friday, March 22nd. Evercore ISI upped their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an in-line rating in a research note on Wednesday, February 28th. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Finally, Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a research report on Monday, February 26th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Simon Property Group presently has a consensus rating of Moderate Buy and a consensus price target of $140.22.

Simon Property Group Trading Up 3.5 %

Shares of NYSE SPG traded up $5.05 during mid-day trading on Tuesday, reaching $149.49. The company had a trading volume of 1,056,273 shares, compared to its average volume of 1,474,834. Simon Property Group has a 52 week low of $100.17 and a 52 week high of $157.82. The business’s 50-day moving average is $148.11 and its 200-day moving average is $138.68. The stock has a market cap of $48.72 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group (NYSE:SPG) last posted its quarterly 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). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $2.74 EPS. The business’s revenue was up 6.8% on a year-over-year basis. Equities analysts expect that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a yield of 5.35%. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its board has approved a stock repurchase program on Thursday, February 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.