Zacks Research Research Analysts Boost Earnings Estimates for Simon Property Group, Inc. (NYSE:SPG)

Simon Property Group, Inc. (NYSE:SPG) – Research analysts at Zacks Research raised their Q2 2024 earnings estimates for Simon Property Group in a report released on Wednesday, July 31st. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings of $2.91 per share for the quarter, up from their previous forecast of $2.89. The consensus estimate for Simon Property Group’s current full-year earnings is $12.84 per share. Zacks Research also issued estimates for Simon Property Group’s Q4 2024 earnings at $3.33 EPS, FY2024 earnings at $12.79 EPS, Q1 2025 earnings at $2.89 EPS, Q2 2025 earnings at $2.99 EPS, Q1 2026 earnings at $3.07 EPS and Q2 2026 earnings at $3.10 EPS.

Other research analysts also recently issued research reports about the stock. 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 upped their target price 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 upped their target price 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.89.

Simon Property Group Trading Down 1.5 %

Shares of NYSE SPG opened at $151.07 on Friday. The firm’s 50 day moving average price is $150.32 and its 200-day moving average price is $148.04. The company has a market cap of $49.24 billion, a PE ratio of 19.24, a P/E/G ratio of 8.92 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. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings data 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). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm earned $2.74 EPS. The company’s revenue was up 6.8% on a year-over-year basis.

Hedge Funds Weigh In On Simon Property Group

A number of hedge funds have recently modified their holdings of the company. Diligent Investors LLC boosted its position in shares of Simon Property Group by 0.5% during the second quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after acquiring an additional 68 shares during the last quarter. Augustine Asset Management Inc. boosted its position in shares of Simon Property Group by 3.8% during the second quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 68 shares during the last quarter. TIAA Trust National Association boosted its position in shares of Simon Property Group by 3.7% during the first quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 69 shares during the last quarter. Inspire Advisors LLC boosted its position in shares of Simon Property Group by 1.7% during the first quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock worth $646,000 after acquiring an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its position in shares of Simon Property Group by 26.9% during the second quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 73 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Insider Activity

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of Simon Property Group stock in a transaction on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 5.30%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date was Friday, June 7th. Simon Property Group’s payout ratio is presently 101.91%.

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.