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

Simon Property Group (NYSE:SPG) is scheduled to be posting its quarterly earnings results after the market closes on Monday, May 6th. Analysts expect Simon Property Group to post 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.Investors that wish to register for the company’s conference call can do so using this link.

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

Shares of SPG opened at $142.36 on Monday. The stock has a market capitalization of $46.40 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 7.47 and a beta of 1.65. Simon Property Group has a 12 month low of $100.17 and a 12 month high of $157.82. The firm has a fifty day simple moving average of $149.04 and a 200 day simple moving average of $137.23. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 8th were given a dividend of $1.95 per share. The ex-dividend date was Thursday, March 7th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.48%. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group declared that its board has authorized a share buyback plan on Thursday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley increased their price objective on Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Evercore ISI lifted their price objective on shares of 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. Truist Financial upped their target price on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Finally, StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Company Profile

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.