Simon Property Group Inc (NYSE:SPG) declared a quarterly dividend on Monday, June 29th, RTT News reports. Investors of record on Friday, July 10th will be paid a dividend of 1.30 per share by the real estate investment trust on Friday, July 24th. This represents a $5.20 annualized dividend and a yield of 7.63%.
Simon Property Group has raised its dividend payment by an average of 310.9% annually over the last three years and has raised its dividend annually for the last 10 consecutive years. Simon Property Group has a dividend payout ratio of 140.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Simon Property Group to earn $11.00 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 76.4%.
SPG stock traded up $6.23 during mid-day trading on Monday, reaching $68.13. The company’s stock had a trading volume of 9,198,872 shares, compared to its average volume of 11,616,158. The company has a market cap of $19.84 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 1.16 and a beta of 1.33. Simon Property Group has a 12 month low of $42.25 and a 12 month high of $165.48. The business’s 50 day moving average price is $64.81 and its 200 day moving average price is $99.35. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 11.16.
Simon Property Group (NYSE:SPG) last issued its earnings results on Monday, May 11th. The real estate investment trust reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $2.90 by ($1.47). Simon Property Group had a return on equity of 68.08% and a net margin of 35.20%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company earned $1.78 earnings per share. Simon Property Group’s revenue for the quarter was down 6.9% compared to the same quarter last year. As a group, equities analysts expect that Simon Property Group will post 10.72 EPS for the current fiscal year.
In related news, Director Glyn Aeppel acquired 1,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was acquired at an average price of $50.50 per share, for a total transaction of $50,500.00. Following the purchase, the director now owns 8,317 shares of the company’s stock, valued at approximately $420,008.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.93% of the stock is currently owned by company insiders.
Several research analysts have commented on the company. Morgan Stanley cut their target price on Simon Property Group from $120.00 to $63.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 24th. Citigroup decreased their price target on shares of Simon Property Group from $147.00 to $49.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Compass Point assumed coverage on shares of Simon Property Group in a research note on Thursday, June 4th. They issued a “buy” rating and a $120.00 price objective for the company. ValuEngine raised shares of Simon Property Group from a “strong sell” rating to a “sell” rating in a research report on Friday, June 5th. Finally, Deutsche Bank increased their price target on shares of Simon Property Group from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. Simon Property Group currently has a consensus rating of “Hold” and an average target price of $96.06.
About Simon Property Group
Simon is a global leader 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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