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

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Scotiabank lifted their price target on Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. StockNews.com lowered Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Mizuho lifted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Stifel Nicolaus reissued a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $160.00 to $172.00 in a report on Monday, September 16th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $162.78.

Simon Property Group Stock Down 0.8 %

SPG opened at $167.70 on Monday. The business’s fifty day moving average is $168.55 and its two-hundred day moving average is $156.50. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $54.68 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 9.61 and a beta of 1.74. Simon Property Group has a one year low of $113.40 and a one year high of $177.08.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). The firm 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 firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.88 earnings per share. Analysts anticipate that Simon Property Group will post 12.85 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.01%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is presently 104.19%.

Insider Activity

In related news, Director Allan B. Hubbard acquired 370 shares of Simon Property Group stock in a transaction dated Monday, September 30th. The shares were acquired at an average cost of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now directly owns 34,301 shares of the company’s stock, valued at $5,738,557.30. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 8.50% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.