Simon Property Group (NYSE:SPG - Get Free Report) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $12.80-12.90 for the period, compared to the consensus earnings per share estimate of $12.80.
A number of research analysts recently issued reports on SPG shares. Evercore ISI raised shares of Simon Property Group from an "in-line" rating to an "outperform" rating and lifted their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho boosted their price target on Simon Property Group from $155.00 to $158.00 and gave the stock a "neutral" rating in a report on Monday, August 19th. Truist Financial lifted their target price on Simon Property Group from $147.00 to $158.00 and gave the company a "hold" rating in a research report on Wednesday, August 28th. Scotiabank boosted their target price on Simon Property Group from $152.00 to $169.00 and gave the stock a "sector perform" rating in a research note on Monday, August 26th. Finally, Piper Sandler restated a "neutral" rating and issued a $175.00 price target (down from $190.00) on shares of Simon Property Group in a research note on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $162.78.
Read Our Latest Stock Analysis on SPG
NYSE:SPG opened at $169.07 on Friday. The firm has a market capitalization of $55.12 billion, a P/E ratio of 21.48, a P/E/G ratio of 9.77 and a beta of 1.74. Simon Property Group has a twelve month low of $104.93 and a twelve month high of $177.08. The company has a fifty day moving average of $168.53 and a 200-day moving average of $156.10. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 7.53.
Simon Property Group (NYSE:SPG - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a net margin of 45.90% and a return on equity of 78.14%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company posted $2.88 EPS. Simon Property Group's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Simon Property Group will post 12.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a dividend of $2.05 per share. This represents a $8.20 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date of this dividend was Monday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.00. Simon Property Group's payout ratio is 104.19%.
In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company's stock, valued at approximately $5,738,557.30. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.50% of the company's stock.
Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.
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