Simon Property Group (NYSE:SPG) Issues Earnings Results

August 6, 2024

3 minutes read

Simon Property Group (NYSE:SPG – Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42), Zacks reports. Simon Property Group had a net margin of 46.49% and a return on equity of 78.50%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company posted $2.88 earnings per share. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. Simon Property Group updated its FY24 guidance to $12.80-12.90 EPS and its FY 2024 guidance to 12.800-12.900 EPS.

Simon Property Group Price Performance

SPG stock traded up $6.09 during mid-day trading on Tuesday, reaching $154.14. 562,954 shares of the company’s stock were exchanged, compared to its average volume of 1,465,147. The company has a market cap of $50.24 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 8.78 and a beta of 1.75. Simon Property Group has a 12-month low of $102.11 and a 12-month high of $158.50. The stock’s 50 day moving average is $150.32 and its 200 day moving average is $148.13. The company has a debt-to-equity ratio of 7.20, a current ratio of 2.19 and a quick ratio of 2.19.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $2.05 dividend. This represents a $8.20 annualized dividend and a dividend yield of 5.32%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is currently 101.91%.

Insider Transactions at Simon Property Group

In related news, Director Reuben S. Leibowitz purchased 486 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, with a total value of $72,982.62. Following the acquisition, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Evercore ISI increased their price objective on Simon Property Group from $150.00 to $155.00 and gave the company an “in-line” rating in a report on Tuesday. Stifel Nicolaus upped their price objective on shares of Simon Property Group from $152.00 to $157.50 and gave the company a “buy” rating in a report on Tuesday. Argus lifted their target price on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Scotiabank raised their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $153.50.

Get Our Latest Analysis on SPG

About Simon Property Group

(Get Free Report)

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.