Simon Property Group (NYSE:SPG) Issues Earnings Results, Misses Expectations By $1.42 EPS

Simon Property Group (NYSE:SPG) issued its quarterly earnings results on Monday. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42), Zacks reports. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. Simon Property Group’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.88 EPS. Simon Property Group updated its FY24 guidance to $12.80-12.90 EPS and its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Trading Up 5.1 %

Shares of SPG stock opened at $155.53 on Wednesday. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a market cap of $50.69 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 8.78 and a beta of 1.75. The company has a 50-day moving average of $150.49 and a two-hundred day moving average of $148.23. Simon Property Group has a 1-year low of $102.11 and a 1-year high of $158.50.

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 issued a $2.05 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. This represents a $8.20 annualized dividend and a yield of 5.27%. The ex-dividend date is Monday, September 9th. Simon Property Group’s payout ratio is 101.91%.

Insiders Place Their Bets

In related news, Director Reuben S. Leibowitz bought 486 shares of the stock in a transaction on Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the purchase, the director now directly owns 55,001 shares in the company, valued at approximately $8,259,500.17. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SPG shares. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Evercore ISI raised their price objective on Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a report on Tuesday. 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 report on Thursday, May 16th. Stifel Nicolaus raised their price target on shares of Simon Property Group from $152.00 to $157.50 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Argus upped their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has a consensus rating of “Moderate Buy” and a consensus price target of $153.50.

Simon Property Group Company Profile

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.