Simon Property Group (NYSE:SPG) Posts Earnings Results, Misses Expectations By $0.55 EPS

Simon Property Group (NYSE:SPG) issued its earnings results on Monday. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55), RTT News reports. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.74 earnings per share. Simon Property Group updated its FY24 guidance to $12.75-12.90 EPS and its FY 2024 guidance to 12.750-12.900 EPS.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $147.88 on Thursday. 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 has a twelve month low of $100.17 and a twelve month high of $157.82. The company’s 50 day moving average is $148.08 and its 200 day moving average is $138.97. The company has a market cap of $48.19 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 5.41%. The ex-dividend date is Friday, June 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.95. Simon Property Group’s dividend payout ratio is 111.75%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SPG. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. 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 boosted their target price on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, Morgan Stanley boosted their target price on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group has an average rating of “Moderate Buy” and a consensus target price of $140.22.

Simon Property Group declared that its Board of Directors has authorized a stock buyback program on Thursday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.