Simon Property Group (NYSE:SPG) Releases FY22 Earnings Guidance

Simon Property Group (NYSE:SPG – Get Rating) issued an update on its FY22 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $11.60-11.75 for the period, compared to the consensus estimate of $11.72. Simon Property Group also updated its FY 2022 guidance to $11.60-$11.75 EPS.

Several equities research analysts have recently weighed in on the company. Morgan Stanley decreased their price objective on Simon Property Group from $180.00 to $160.00 and set an overweight rating for the company in a report on Monday, March 7th. StockNews.com initiated coverage on Simon Property Group in a research report on Thursday, March 31st. They set a hold rating for the company. Stifel Nicolaus lowered their price target on Simon Property Group from $180.00 to $165.00 in a report on Tuesday. Mizuho lowered their price target on Simon Property Group from $162.00 to $158.00 and set a neutral rating for the company in a report on Tuesday, February 8th. Finally, Wells Fargo & Company reduced their price objective on Simon Property Group from $152.00 to $140.00 and set an equal weight rating on the stock in a research note on Thursday, April 7th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $164.31.

Shares of SPG traded up $0.22 during trading hours on Tuesday, hitting $118.41. 58,699 shares of the company were exchanged, compared to its average volume of 2,144,231. The company has a market cap of $38.91 billion, a PE ratio of 17.28, a PEG ratio of 2.34 and a beta of 1.46. The firm’s 50 day moving average is $128.86 and its 200-day moving average is $144.76. Simon Property Group has a 52 week low of $113.41 and a 52 week high of $171.12. The company has a debt-to-equity ratio of 6.64, a quick ratio of 1.01 and a current ratio of 1.01.

Simon Property Group (NYSE:SPG – Get Rating) last announced its earnings results on Monday, May 9th. The real estate investment trust reported $1.30 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($1.44). Simon Property Group had a net margin of 43.97% and a return on equity of 58.02%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company earned $2.48 EPS. Simon Property Group’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, equities analysts forecast that Simon Property Group will post 11.73 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 9th will be paid a dividend of $1.70 per share. This is an increase from Simon Property Group’s previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a yield of 5.74%. Simon Property Group’s dividend payout ratio is presently 96.49%.

Several hedge funds have recently made changes to their positions in SPG. Morgan Stanley increased its holdings in Simon Property Group by 56.6% during the 2nd quarter. Morgan Stanley now owns 4,402,869 shares of the real estate investment trust’s stock valued at $574,486,000 after purchasing an additional 1,590,556 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Simon Property Group by 1.0% in the 4th quarter. Parametric Portfolio Associates LLC now owns 1,444,886 shares of the real estate investment trust’s stock worth $230,849,000 after purchasing an additional 13,905 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Simon Property Group by 679.4% during the fourth quarter. NewEdge Advisors LLC now owns 14,972 shares of the real estate investment trust’s stock worth $2,393,000 after acquiring an additional 13,051 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Simon Property Group by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 583,089 shares of the real estate investment trust’s stock worth $93,160,000 after acquiring an additional 7,112 shares in the last quarter. Finally, Toroso Investments LLC lifted its holdings in Simon Property Group by 141.2% during the fourth quarter. Toroso Investments LLC now owns 9,850 shares of the real estate investment trust’s stock worth $1,574,000 after acquiring an additional 5,767 shares in the last quarter. Institutional investors own 91.62% of the company’s stock.

About Simon Property Group (Get Rating)

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.

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