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

Simon Property Group (NYSE:SPG) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $12.80-12.90 for the period, compared to the consensus estimate of $12.80. Simon Property Group also updated its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Trading Down 2.0 %

SPG traded down $3.02 during trading on Monday, hitting $148.05. 2,049,227 shares of the company’s stock were exchanged, compared to its average volume of 1,471,201. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. Simon Property Group has a 1 year low of $102.11 and a 1 year high of $158.50. The stock has a 50 day moving average price of $150.32 and a 200 day moving average price of $148.08. The firm has a market cap of $48.26 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 8.78 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results 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). Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company earned $2.74 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis. As a group, analysts expect that Simon Property Group will post 12.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SPG shares. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a report on Thursday, April 18th. Argus increased their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Finally, Scotiabank increased their price objective on Simon Property Group from $142.00 to $152.00 and gave the stock a sector perform rating in a report on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $149.89.

Insiders Place Their Bets

In other Simon Property Group news, Director Reuben S. Leibowitz acquired 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $150.17 per share, for a total transaction of $72,982.62. Following the transaction, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.50% of the company’s stock.

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.