Simon Property Group (SPG) Expected to Announce Quarterly Earnings on Tuesday

Simon Property Group (NYSE:SPG) is anticipated to post its quarterly earnings results after the market closes on Tuesday, February 4th. Analysts expect Simon Property Group to post earnings of $1.98 per share and revenue of $1,410,606.82 billion for the quarter. Simon Property Group has set its FY24 guidance at $12.80-12.90 EPS and its FY 2024 guidance at 12.800-12.900 EPS.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $3.00 by ($1.54). Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company posted $3.20 earnings per share. Simon Property Group’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts expect Simon Property Group to post $13 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Price Performance

NYSE:SPG opened at $176.67 on Tuesday. Simon Property Group has a one year low of $135.15 and a one year high of $186.00. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The firm has a market cap of $57.64 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 9.26 and a beta of 1.75. The firm’s fifty day moving average is $176.69 and its two-hundred day moving average is $168.92.

Simon Property Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 9th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 4.75%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. The ex-dividend date of this dividend was Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 111.85%.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz purchased 465 shares of Simon Property Group stock in a transaction that occurred on Monday, December 30th. The stock was purchased at an average price of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, the director now directly owns 55,919 shares in the company, valued at approximately $9,427,384.21. This trade represents a 0.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on SPG. Mizuho upped their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Jefferies Financial Group raised shares of Simon Property Group from a “hold” rating to a “buy” rating and upped their price target for the company from $179.00 to $198.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Simon Property Group in a research note on Tuesday, December 17th. They set a “hold” rating and a $195.00 target price on the stock. Finally, StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Simon Property Group currently has an average rating of “Hold” and a consensus price target of $172.10.

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.