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

Simon Property Group (NYSE:SPGGet Free Report) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 11.850-12.100 for the period, compared to the consensus earnings per share estimate of 12.200. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $11.85-$12.10 EPS.

Simon Property Group Trading Down 0.8 %

SPG stock traded down $1.15 during midday trading on Monday, hitting $136.79. 2,329,556 shares of the company’s stock were exchanged, compared to its average volume of 1,527,102. The business has a 50-day simple moving average of $139.28 and a two-hundred day simple moving average of $123.07. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 7.40. The stock has a market capitalization of $44.63 billion, a PE ratio of 20.44, a P/E/G ratio of 6.63 and a beta of 1.65. Simon Property Group has a 1-year low of $100.17 and a 1-year high of $146.91.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 5.70%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s payout ratio is presently 112.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SPG shares. Piper Sandler upped their price target on Simon Property Group from $148.00 to $172.00 and gave the stock an overweight rating in a report on Wednesday, December 20th. Morgan Stanley lowered Simon Property Group from an overweight rating to an equal weight rating and upped their target price for the company from $132.00 to $143.00 in a research note on Thursday, December 21st. Stifel Nicolaus reduced their price target on Simon Property Group from $139.00 to $130.00 and set a buy rating on the stock in a research note on Tuesday, October 31st. StockNews.com raised Simon Property Group from a hold rating to a buy rating in a research note on Friday, January 19th. Finally, The Goldman Sachs Group increased their price target on Simon Property Group from $144.00 to $161.00 and gave the stock a buy rating in a research note on Thursday, December 21st. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $137.75.

Read Our Latest Analysis on SPG

Institutional Trading of Simon Property Group

Several large investors have recently modified their holdings of SPG. Geode Capital Management LLC grew its stake in Simon Property Group by 10.4% in the first quarter. Geode Capital Management LLC now owns 8,144,366 shares of the real estate investment trust’s stock worth $910,337,000 after purchasing an additional 765,146 shares in the last quarter. Cowa LLC acquired a new position in Simon Property Group in the first quarter worth about $107,000. Norges Bank acquired a new position in Simon Property Group in the fourth quarter worth about $807,887,000. Morgan Stanley grew its stake in Simon Property Group by 6.9% in the fourth quarter. Morgan Stanley now owns 6,500,305 shares of the real estate investment trust’s stock worth $763,656,000 after purchasing an additional 421,554 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Simon Property Group by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,895,035 shares of the real estate investment trust’s stock worth $436,129,000 after purchasing an additional 74,025 shares in the last quarter. 84.73% of the stock is currently owned by institutional investors and hedge funds.

About Simon Property Group

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Simon Property Group (NYSE:SPG)

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