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

Simon Property Group (NYSE:SPG) is scheduled to be issuing its quarterly earnings data after the market closes on Monday, May 6th. Analysts expect the company to announce 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.Parties that wish to listen to the company’s conference call can do so using this link.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company earned $3.15 EPS. 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 Trading Up 1.1 %

Shares of Simon Property Group stock opened at $142.93 on Friday. The stock has a 50 day moving average of $148.36 and a 200 day moving average of $137.77. 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 firm has a market capitalization of $46.58 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 7.36 and a beta of 1.68. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.46%. This is an increase 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 dividend payout ratio (DPR) is presently 111.75%.

Simon Property Group declared that its Board of Directors has approved a stock repurchase 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SPG shares. Truist Financial boosted their target price on Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Evercore ISI lifted their target price on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Finally, StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.22.

About Simon Property Group

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.