Simon Property Group (SPG) Set to Announce Earnings on Monday

Simon Property Group (NYSE:SPG - Get Free Report) is scheduled to release its earnings data 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.Persons that are interested in registering for the company's earnings conference call can do so using this link.

Simon Property Group (NYSE:SPG - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share 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 firm had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the business earned $3.15 earnings per share. The business'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 Price Performance

NYSE SPG traded up $2.46 during mid-day trading on Monday, hitting $144.82. The stock had a trading volume of 1,110,951 shares, compared to its average volume of 1,474,205. Simon Property Group has a 52-week low of $100.17 and a 52-week high of $157.82. The company has a market cap of $47.20 billion, a price-to-earnings ratio of 20.62, a P/E/G ratio of 7.47 and a beta of 1.65. The company has a 50 day simple moving average of $149.04 and a 200 day simple moving average of $137.23. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a $1.95 dividend. This is an increase from Simon Property Group's previous quarterly dividend of $1.90. This represents a $7.80 annualized dividend and a yield of 5.39%. The ex-dividend date was Thursday, March 7th. Simon Property Group's dividend payout ratio (DPR) is presently 111.75%.

Simon Property Group announced that its Board of Directors has approved a share repurchase plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

SPG has been the topic of a number of analyst reports. StockNews.com upgraded Simon Property Group from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Truist Financial increased their target price on Simon Property Group from $139.00 to $147.00 and gave the company a "hold" rating in a report on Friday, March 22nd. Morgan Stanley increased their target price 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. Finally, Evercore ISI raised their price objective on Simon Property Group from $142.00 to $150.00 and gave the stock an "in-line" rating in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.