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

Simon Property Group (NYSE:SPG) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 12.750-12.900 for the period, compared to the consensus earnings per share estimate of 12.080. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.75-12.90 EPS.

Simon Property Group Price Performance

Shares of SPG traded up $3.51 during mid-day trading on Tuesday, hitting $147.95. The company’s stock had a trading volume of 2,671,251 shares, compared to its average volume of 1,493,685. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The stock has a market capitalization of $48.22 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 7.50 and a beta of 1.68. The firm has a 50-day moving average price of $148.11 and a 200 day moving average price of $138.68. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS 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 42.30% and a return on equity of 70.97%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.74 earnings per share. On average, research analysts predict that Simon Property Group will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend is Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SPG. Morgan Stanley raised their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an equal weight rating in a research report on Monday, February 26th. Truist Financial increased their price objective on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a report on Friday, March 22nd. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Finally, Evercore ISI lifted 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 report on Wednesday, February 28th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $140.22.

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.