Simon Property Group (NYSE:SPG) Releases Earnings Results, Misses Estimates By $0.55 EPS

Simon Property Group (NYSE:SPG) issued its quarterly earnings data on Monday. 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), RTT News reports. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.31 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.74 earnings per share. Simon Property Group updated its FY24 guidance to $12.75-12.90 EPS and its FY 2024 guidance to 12.750-12.900 EPS.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $148.38 on Tuesday. The stock has a market capitalization of $48.36 billion, a P/E ratio of 20.96, a PEG ratio of 7.50 and a beta of 1.68. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. The business’s fifty day moving average price is $148.11 and its 200 day moving average price is $138.68. Simon Property Group has a twelve month low of $100.17 and a twelve month high of $157.82.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $2.00 per share. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.39%. Simon Property Group’s dividend payout ratio is 111.75%.

Simon Property Group declared that its Board of Directors has authorized a share buyback plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Truist Financial upped their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley upped their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Evercore ISI lifted their price target 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 raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.22.

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.