Simon Property Group, Inc. (SPG) to Issue Quarterly Dividend of $2.00 on June 28th

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Monday, May 6th, RTT News reports. Stockholders of record on Friday, June 7th will be paid a dividend of 2.00 per share by the real estate investment trust on Friday, June 28th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date of this dividend is Friday, June 7th. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.95.

Simon Property Group has increased its dividend payment by an average of 7.5% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Simon Property Group has a dividend payout ratio of 121.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Simon Property Group to earn $12.43 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 62.8%.

Simon Property Group Stock Up 2.4 %

SPG opened at $147.95 on Wednesday. The stock has a market cap of $48.22 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. 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’s fifty day moving average is $148.08 and its 200 day moving average is $138.97. Simon Property Group has a fifty-two week low of $100.17 and a fifty-two week high of $157.82.

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

Simon Property Group declared that its board has authorized a stock buyback program 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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