Simon Property Group (NYSE:SPG) Updates FY 2024 Earnings Guidance

Simon Property Group (NYSE:SPG) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 12.750-12.900 for the period, compared to the consensus earnings per share estimate of 12.080. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.75-12.90 EPS.

Wall Street Analyst Weigh In

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

Simon Property Group Stock Performance

Simon Property Group stock traded up $1.51 during trading hours on Monday, hitting $144.44. The company had a trading volume of 1,595,275 shares, compared to its average volume of 1,479,981. Simon Property Group has a one year low of $100.17 and a one year high of $157.82. The firm has a 50-day moving average of $148.21 and a 200 day moving average of $138.41. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $47.07 billion, a PE ratio of 20.48, a PEG ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The business had revenue of $1.53 billion for 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%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.15 earnings per share. On average, sell-side analysts expect that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

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

Simon Property Group declared that its Board of Directors has approved a share repurchase program on Thursday, February 8th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.