Simon Property Group (NYSE:SPG) Releases Earnings Results, Misses Expectations By $0.55 EPS

Simon Property Group (NYSE:SPG) announced its earnings results on Monday. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55), RTT News reports. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.74 EPS. Simon Property Group updated its FY24 guidance to $12.75-12.90 EPS and its FY 2024 guidance to 12.750-12.900 EPS.

Simon Property Group Stock Up 2.4 %

SPG opened at $147.95 on Wednesday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a 50 day moving average price of $148.08 and a 200-day moving average price of $138.97. Simon Property Group has a twelve month low of $100.17 and a twelve month high of $157.82. The stock has a market capitalization of $48.22 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 7.50 and a beta of 1.68.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, June 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.41%. Simon Property Group’s payout ratio is 111.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Truist Financial boosted 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. Evercore ISI boosted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. 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. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Simon Property Group has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group declared that its board has authorized a stock repurchase plan 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 repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership 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.