Simon Property Group (NYSE:SPG – Get Free Report) 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%.
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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.
View Our Latest Report on Simon Property Group
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.
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