Simon Property Group (SPG) to Release Earnings on Monday

Simon Property Group (NYSE:SPG) is scheduled to post its quarterly earnings results after the market closes on Monday, May 6th. Analysts expect the company to announce earnings of $2.80 per share for the quarter. Simon Property Group has set its FY24 guidance at $11.85-$12.10 EPS and its FY 2024 guidance at 11.850-12.100 EPS.Parties that wish to register for the company’s conference call can do so using this link.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data 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 business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.15 EPS. On average, analysts expect Simon Property Group to post $12 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Trading Up 1.1 %

NYSE SPG opened at $142.93 on Friday. The business’s fifty day moving average is $148.21 and its 200-day moving average is $138.01. 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 stock has a market capitalization of $46.58 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 7.42 and a beta of 1.68. Simon Property Group has a one year low of $100.17 and a one year high of $157.82.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 5.46%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s payout ratio is presently 111.75%.

Simon Property Group announced that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Morgan Stanley upped their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Truist Financial boosted their price objective on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Finally, 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 report on Wednesday, February 28th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.