Simon Property Group, Inc. (NYSE:SPG) Announces Quarterly Dividend of $2.10

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Friday, November 1st, RTT News reports. Stockholders of record on Monday, December 9th will be given a dividend of 2.10 per share by the real estate investment trust on Monday, December 30th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.01%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05.

Simon Property Group has raised its dividend by an average of 7.5% annually over the last three years. Simon Property Group has a payout ratio of 131.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Simon Property Group to earn $12.45 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 65.9%.

Simon Property Group Stock Performance

Shares of SPG opened at $167.70 on Friday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.04 and a quick ratio of 2.04. Simon Property Group has a one year low of $113.40 and a one year high of $177.08. The company has a 50-day simple moving average of $168.55 and a two-hundred day simple moving average of $156.27. The firm has a market capitalization of $54.68 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 9.61 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the business earned $2.88 earnings per share. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts anticipate that Simon Property Group will post 12.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Allan B. Hubbard bought 370 shares of the business’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 8.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on SPG shares. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Mizuho raised their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Evercore ISI raised shares of Simon Property Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Finally, Scotiabank raised their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and an average price target of $162.78.

About Simon Property Group

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.