Simon Property Group (NYSE:SPG) Posts Quarterly Earnings Results, Misses Expectations By $1.42 EPS

Simon Property Group (NYSE:SPG) released its quarterly earnings results on Monday. The real estate investment trust reported $1.51 earnings per share 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 the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm earned $2.88 earnings per share. The company’s revenue for the quarter 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 Stock Up 0.2 %

Shares of SPG stock traded up $0.29 during mid-day trading on Wednesday, hitting $155.83. The company’s stock had a trading volume of 58,107 shares, compared to its average volume of 1,462,607. The stock has a market cap of $50.79 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 8.78 and a beta of 1.75. The company has a debt-to-equity ratio of 7.20, a quick ratio of 2.19 and a current ratio of 2.19. Simon Property Group has a 52-week low of $102.11 and a 52-week high of $158.50. The business has a 50-day moving average price of $150.49 and a 200 day moving average price of $148.23.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $2.05 dividend. The ex-dividend date is Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 5.26%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s payout ratio is currently 101.91%.

Insider Activity at Simon Property Group

In other news, Director Reuben S. Leibowitz acquired 486 shares of Simon Property Group stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $150.17 per share, for a total transaction of $72,982.62. Following the completion of the transaction, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

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.