Simon Property Group (NYSE:SPG) Releases Quarterly Earnings Results, Misses Estimates By $1.05 EPS

Simon Property Group (NYSE:SPGGet Free Report) posted its quarterly earnings results on Monday. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05), MarketWatch Earnings reports. Simon Property Group had a net margin of 42.30% and a return on equity of 71.52%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm posted $3.15 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. Simon Property Group updated its FY24 guidance to $11.85-$12.10 EPS and its FY 2024 guidance to 11.850-12.100 EPS.

Simon Property Group Trading Up 4.8 %

NYSE SPG opened at $143.38 on Wednesday. Simon Property Group has a one year low of $100.17 and a one year high of $146.91. The firm has a market cap of $46.78 billion, a PE ratio of 20.54, a P/E/G ratio of 6.57 and a beta of 1.65. The firm’s fifty day moving average is $140.00 and its two-hundred day moving average is $123.30. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.94 and a current ratio of 0.94.

Simon Property Group Increases Dividend

The firm also recently declared 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. The ex-dividend date is Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.44%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio is currently 108.88%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPG. Stifel Nicolaus lowered their target price 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. Piper Sandler boosted their price target on Simon Property Group from $148.00 to $172.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 20th. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, January 19th. Truist Financial raised their price target on shares of Simon Property Group from $128.00 to $139.00 and gave the stock a “hold” rating in a research note on Tuesday, January 16th. Finally, Morgan Stanley cut Simon Property Group from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $132.00 to $143.00 in a research note on Thursday, December 21st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Simon Property Group currently has an average rating of “Moderate Buy” and a consensus target price of $137.75.

Read Our Latest Report on Simon Property Group

Hedge Funds Weigh In On Simon Property Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its stake in shares of Simon Property Group by 6.3% during the third quarter. Public Employees Retirement System of Ohio now owns 623,519 shares of the real estate investment trust’s stock worth $67,359,000 after purchasing an additional 36,828 shares during the last quarter. Townsquare Capital LLC increased its position in Simon Property Group by 3.0% during the 3rd quarter. Townsquare Capital LLC now owns 6,292 shares of the real estate investment trust’s stock worth $680,000 after purchasing an additional 183 shares during the period. Citigroup Inc. raised its stake in shares of Simon Property Group by 17.0% during the 3rd quarter. Citigroup Inc. now owns 255,547 shares of the real estate investment trust’s stock worth $27,607,000 after buying an additional 37,157 shares in the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Simon Property Group by 121.1% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 8,421 shares of the real estate investment trust’s stock valued at $973,000 after buying an additional 4,612 shares during the period. Finally, GTS Securities LLC purchased a new stake in shares of Simon Property Group in the second quarter valued at approximately $257,000. Hedge funds and other institutional investors own 84.73% of the company’s stock.

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.

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Earnings History for Simon Property Group (NYSE:SPG)

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