Zacks: Brokerages Anticipate Simon Property Group, Inc. (SPG) Will Post Quarterly Sales of $1.40 Billion
Brokerages expect Simon Property Group, Inc. (NYSE:SPG) to report $1.40 billion in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Simon Property Group’s earnings. The highest sales estimate is $1.48 billion and the lowest is $1.30 billion. Simon Property Group posted sales of $1.36 billion in the same quarter last year, which suggests a positive year over year growth rate of 2.9%. The firm is expected to announce its next earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Simon Property Group will report full year sales of $1.40 billion for the current year, with estimates ranging from $5.19 billion to $5.92 billion. For the next financial year, analysts anticipate that the firm will report sales of $5.82 billion per share, with estimates ranging from $5.43 billion to $6.12 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Simon Property Group.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.03. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.63 EPS.
SPG has been the subject of a number of recent research reports. Mizuho upgraded Simon Property Group from a “neutral” rating to a “buy” rating and set a $178.00 price objective for the company in a research report on Tuesday, May 30th. Stifel Nicolaus initiated coverage on Simon Property Group in a research note on Friday, July 14th. They issued a “hold” rating and a $170.00 price target on the stock. Zacks Investment Research lowered Simon Property Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub lowered Simon Property Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, Barclays PLC raised their price target on Simon Property Group from $188.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $195.01.
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Simon Property Group (NYSE:SPG) opened at 159.56 on Friday. The firm has a market cap of $49.60 billion, a PE ratio of 28.44 and a beta of 0.58. Simon Property Group has a 12 month low of $150.15 and a 12 month high of $215.56. The stock’s 50 day moving average is $159.58 and its 200 day moving average is $163.95.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were paid a $1.80 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.75. This represents a $7.20 annualized dividend and a dividend yield of 4.51%. The ex-dividend date was Tuesday, August 15th. Simon Property Group’s payout ratio is currently 127.89%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPG. Norway Savings Bank lifted its stake in shares of Simon Property Group by 19.5% in the 2nd quarter. Norway Savings Bank now owns 765 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 125 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its stake in shares of Simon Property Group by 27.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 787 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 169 shares in the last quarter. Alpha Windward LLC lifted its stake in shares of Simon Property Group by 12.2% in the 2nd quarter. Alpha Windward LLC now owns 856 shares of the real estate investment trust’s stock valued at $138,000 after purchasing an additional 93 shares in the last quarter. Israel Discount Bank of New York acquired a new position in shares of Simon Property Group in the 1st quarter valued at about $146,000. Finally, IHT Wealth Management LLC lifted its stake in shares of Simon Property Group by 5.3% in the 1st quarter. IHT Wealth Management LLC now owns 911 shares of the real estate investment trust’s stock valued at $155,000 after purchasing an additional 46 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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