Simon Property Group, Inc. (NYSE:SPG) Raises Dividend to $2.00 Per Share

Simon Property Group, Inc. (NYSE:SPG - Get Free Report) announced a quarterly dividend on Monday, May 6th, RTT News reports. Stockholders of record on Friday, June 7th will be given a dividend of 2.00 per share by the real estate investment trust on Friday, June 28th. This represents a $8.00 annualized dividend and a dividend yield of 5.54%. This is an increase from Simon Property Group's previous quarterly dividend of $1.95.

Simon Property Group has increased its dividend payment by an average of 7.5% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Simon Property Group has a dividend payout ratio of 121.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Simon Property Group to earn $12.43 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 62.8%.

Simon Property Group Stock Performance

SPG stock traded up $1.56 on Monday, hitting $144.49. The company's stock had a trading volume of 1,596,463 shares, compared to its average volume of 1,479,981. The stock has a market cap of $47.09 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 7.50 and a beta of 1.68. The firm has a 50 day moving average of $148.11 and a two-hundred day moving average of $138.68. 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 1 year low of $100.17 and a 1 year high of $157.82.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the company earned $3.15 earnings per share. The firm's revenue was up 9.1% on a year-over-year basis. Equities analysts predict that Simon Property Group will post 12.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPG. Truist Financial boosted their price target on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a "hold" rating in a research note on Friday, March 22nd. StockNews.com raised Simon Property Group from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Evercore ISI raised their target price on Simon Property Group from $142.00 to $150.00 and gave the company an "in-line" rating in a report on Wednesday, February 28th. Finally, Morgan Stanley upped their price target on shares of Simon Property Group from $143.00 to $145.00 and gave the stock an "equal weight" rating in a research note on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $140.22.

Simon Property Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its stock is 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.