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

Simon Property Group (NYSE:SPG) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $12.75-12.90 for the period, compared to the consensus estimate of $12.08. Simon Property Group also updated its FY 2024 guidance to 12.750-12.900 EPS.

Simon Property Group Stock Up 4.0 %

NYSE SPG traded up $5.78 on Tuesday, reaching $150.22. The stock had a trading volume of 933,590 shares, compared to its average volume of 1,473,197. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54. Simon Property Group has a 1 year low of $100.17 and a 1 year high of $157.82. The business has a 50 day moving average price of $148.11 and a 200 day moving average price of $138.68. The company has a market capitalization of $48.96 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. 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). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the company posted $2.74 EPS. The business’s revenue was up 6.8% compared to the same quarter last year. On average, analysts forecast that Simon Property Group will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed 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 represents a $8.00 annualized dividend and a dividend yield of 5.33%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group announced that its Board of Directors has authorized a share repurchase plan 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 purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on SPG shares. Morgan Stanley upped their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a research report on Monday, February 26th. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a report on Thursday, April 18th. Truist Financial raised their target price on Simon Property Group from $139.00 to $147.00 and gave the stock a hold rating in a research report on Friday, March 22nd. Finally, Evercore ISI boosted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the company an in-line rating in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $140.22.

Simon Property Group Company Profile

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.