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 (EPS) guidance of 12.750-12.900 for the period, compared to the consensus 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 Stock Up 2.4 %

Shares of NYSE SPG traded up $3.51 during mid-day trading on Tuesday, reaching $147.95. 2,671,251 shares of the company traded hands, compared to its average volume of 1,493,685. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77. The company’s fifty day moving average is $148.11 and its two-hundred day moving average is $138.68. The stock has a market cap of $48.22 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the firm posted $2.74 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. On average, analysts expect that Simon Property Group will post 12.06 earnings per share for the current year.

Simon Property Group Increases Dividend

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

Simon Property Group announced that its Board of Directors has authorized a share buyback plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on SPG shares. Evercore ISI lifted 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. StockNews.com raised shares of Simon Property Group from a hold rating to a buy rating in a research report on Thursday, April 18th. 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 report on Monday, February 26th. Finally, Truist Financial boosted their price target 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. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Simon Property Group currently has a consensus rating of Moderate Buy and a consensus price target of $140.22.

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.