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

Simon Property Group (NYSE:SPG) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $12.75-12.90 for the period, compared to the consensus EPS estimate of $12.08.

Analysts Set New Price Targets

SPG has been the topic of several recent analyst reports. Truist Financial boosted their price target on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a research note on Friday, March 22nd. Morgan Stanley lifted their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an equal weight rating in a research note on Monday, February 26th. Evercore ISI raised their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an in-line rating in a report on Wednesday, February 28th. Finally, StockNews.com upgraded shares of Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $140.22.

Simon Property Group Stock Performance

NYSE SPG traded up $1.51 on Monday, hitting $144.44. The stock had a trading volume of 1,568,728 shares, compared to its average volume of 1,479,609. The company’s 50-day moving average is $148.21 and its two-hundred day moving average is $138.41. The stock has a market cap of $47.07 billion, a price-to-earnings ratio of 20.48, a P/E/G ratio of 7.50 and a beta of 1.68. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group has a one year low of $100.17 and a one year high of $157.82.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the firm earned $3.15 earnings per share. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts expect that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $2.00 dividend. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.54%. Simon Property Group’s dividend payout ratio is currently 111.75%.

Simon Property Group announced that its board has initiated a share repurchase program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.