Simon Property Group, Inc. (SPG) to Issue Quarterly Dividend of $2.05 on September 30th

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Monday, August 5th, RTT News reports. Investors of record on Monday, September 9th will be given a dividend of 2.05 per share by the real estate investment trust on Monday, September 30th. This represents a $8.20 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Monday, September 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00.

Simon Property Group has raised its dividend by an average of 7.5% annually over the last three years. Simon Property Group has a payout ratio of 128.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Simon Property Group to earn $12.45 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 65.9%.

Simon Property Group Trading Up 0.2 %

Shares of SPG stock opened at $164.52 on Friday. The stock has a market cap of $53.62 billion, a P/E ratio of 20.96, a P/E/G ratio of 9.17 and a beta of 1.75. Simon Property Group has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The business has a fifty day simple moving average of $155.87 and a 200-day simple moving average of $151.13. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business earned $2.88 earnings per share. On average, analysts forecast that Simon Property Group will post 12.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SPG shares. Evercore ISI raised their price target on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Stifel Nicolaus boosted their price target on Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday, August 6th. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Piper Sandler restated a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday. Finally, Argus increased their target price on Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $161.28.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of the business’s stock in a transaction on Friday, June 28th. The shares were purchased at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the acquisition, the director now directly owns 55,001 shares of the company’s stock, valued at approximately $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company 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.