Simon Property Group, Inc. (NYSE:SPG) Announces Quarterly Dividend of $2.00

Simon Property Group, Inc. (NYSE:SPG) declared a quarterly dividend on Monday, May 6th, RTT News reports. Investors of record on Friday, June 7th will be paid a dividend of 2.00 per share by the real estate investment trust on Friday, June 28th. This represents a $8.00 dividend on an annualized basis and a yield of 5.54%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95.

Simon Property Group has raised its dividend payment by an average of 7.5% per year over the last three years and has raised its dividend every year for the last 4 years. Simon Property Group has a dividend payout ratio of 121.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Simon Property Group to earn $12.43 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 62.8%.

Simon Property Group Trading Up 1.1 %

NYSE:SPG traded up $1.51 during trading hours on Monday, reaching $144.44. The company’s stock had a trading volume of 1,562,880 shares, compared to its average volume of 1,479,609. The firm has a market capitalization of $47.07 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 7.50 and a beta of 1.68. Simon Property Group has a 1 year low of $100.17 and a 1 year high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a 50-day simple moving average of $148.21 and a 200-day simple moving average of $138.41.

Simon Property Group (NYSE:SPG) last announced its quarterly 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). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the business earned $3.15 EPS. Research analysts expect that Simon Property Group will post 12.06 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

SPG has been the topic of several research reports. Morgan Stanley boosted their price objective 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 lifted their target price 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. Truist Financial lifted their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.