Simon Property Group (SPG) Scheduled to Post Quarterly Earnings on Monday

Simon Property Group (NYSE:SPG) is scheduled to be posting its quarterly earnings results after the market closes on Monday, May 6th. Analysts expect Simon Property Group to post earnings of $2.80 per share for the quarter. Simon Property Group has set its FY24 guidance at $11.85-$12.10 EPS and its FY 2024 guidance at 11.850-12.100 EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Simon Property Group (NYSE:SPG) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. Simon Property Group’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.15 earnings per share. On average, analysts expect Simon Property Group to post $12 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Price Performance

SPG opened at $142.36 on Monday. The company’s 50-day simple moving average is $149.04 and its two-hundred day simple moving average is $137.23. 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 stock has a market capitalization of $46.40 billion, a P/E ratio of 20.40, a P/E/G ratio of 7.47 and a beta of 1.65. Simon Property Group has a 52-week low of $100.17 and a 52-week high of $157.82.

Simon Property Group announced that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 5.48%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date of this dividend was Thursday, March 7th. Simon Property Group’s payout ratio is presently 111.75%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPG shares. Morgan Stanley boosted their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. StockNews.com raised Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Finally, Evercore ISI boosted their price target on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Simon Property Group currently has an average 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.