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

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

Simon Property Group Stock Up 0.7 %

Shares of NYSE SPG traded up $0.97 during midday trading on Thursday, reaching $148.85. The company’s stock had a trading volume of 239,122 shares, compared to its average volume of 1,479,436. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The stock has a 50 day simple moving average of $148.08 and a 200-day simple moving average of $138.97. The stock has a market capitalization of $48.51 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 7.50 and a beta of 1.68. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.55). The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.74 EPS. Equities research analysts predict that Simon Property Group will post 12.06 earnings per share for the current 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 issued a dividend of $2.00 per share. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.37%. The ex-dividend date of this dividend is Friday, June 7th. Simon Property Group’s dividend payout ratio (DPR) is presently 111.75%.

Simon Property Group declared that its Board of Directors has initiated a share buyback program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

SPG has been the topic of several recent analyst reports. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a report on Thursday, April 18th. Morgan Stanley lifted their target price on shares of 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. Evercore ISI raised their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an in-line rating in a research report on Wednesday, February 28th. Finally, Truist Financial increased their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Simon Property Group has an average rating of Moderate Buy and a consensus target price 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.