Simon Property Group (NYSE:SPG) Releases FY 2024 Earnings Guidance

Simon Property Group (NYSE:SPG - Get Free Report) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 12.750-12.900 for the period, compared to the consensus EPS estimate of 12.080. The company issued revenue guidance of -. Simon Property Group also updated its FY24 guidance to $12.75-12.90 EPS.

Analysts Set New Price Targets

Several analysts recently weighed in on SPG shares. Truist Financial lifted their price objective 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 upped their target price on Simon Property Group from $143.00 to $145.00 and gave the company an equal weight rating in a research report on Monday, February 26th. Evercore ISI upped their target price on 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. Finally, StockNews.com upgraded Simon Property Group from a hold rating to a buy rating in a research report on Thursday, April 18th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $140.22.

Simon Property Group Price Performance

Simon Property Group stock traded up $1.56 during mid-day trading on Monday, hitting $144.49. 1,596,463 shares of the company were exchanged, compared to its average volume of 1,479,981. The company has a debt-to-equity ratio of 7.54, a current ratio of 1.77 and a quick ratio of 1.77. The business's 50 day simple moving average is $148.11 and its two-hundred day simple moving average is $138.68. The company has a market capitalization of $47.09 billion, a P/E ratio of 20.70, a PEG ratio of 7.50 and a beta of 1.68. Simon Property Group has a 12-month low of $100.17 and a 12-month high of $157.82.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing analysts' consensus estimates of $3.34 by ($1.05). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.38 billion. Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. Simon Property Group's revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.15 EPS. Analysts forecast that Simon Property Group will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently disclosed 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 is a positive change from Simon Property Group's previous quarterly dividend of $1.95. This represents a $8.00 annualized dividend and a yield of 5.54%. Simon Property Group's payout ratio is currently 111.75%.

Simon Property Group declared that its board has approved a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the real estate investment trust to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

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.