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

Simon Property Group (NYSE:SPG) issued an update on its FY 2024 earnings guidance on Monday morning. 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.

Simon Property Group Price Performance

Shares of SPG stock traded up $0.20 on Thursday, reaching $148.08. The company’s stock had a trading volume of 340,095 shares, compared to its average volume of 1,480,475. The company has a market capitalization of $48.26 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. The stock’s fifty day simple moving average is $148.08 and its 200-day simple moving average is $138.97. 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.

Simon Property Group (NYSE:SPG) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $2.25 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.55). The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.74 EPS. Analysts forecast that Simon Property Group will post 12.06 earnings per share for the current fiscal 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 a boost from Simon Property Group’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, June 7th. This represents a $8.00 dividend on an annualized basis and a yield of 5.40%. Simon Property Group’s payout ratio is 111.75%.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SPG. Truist Financial lifted 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. Morgan Stanley upped their price objective on 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 boosted 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. Finally, StockNews.com upgraded shares of Simon Property Group from a hold rating to a buy rating in a research note on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price 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.