Simon Property Group, Inc. (NYSE:SPG) to Post Q3 2024 Earnings of $2.97 Per Share, Zacks Research Forecasts

Simon Property Group, Inc. (NYSE:SPG) – Stock analysts at Zacks Research cut their Q3 2024 EPS estimates for shares of Simon Property Group in a report released on Monday, June 24th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings of $2.97 per share for the quarter, down from their previous estimate of $2.99. The consensus estimate for Simon Property Group’s current full-year earnings is $12.84 per share. Zacks Research also issued estimates for Simon Property Group’s Q4 2024 earnings at $3.32 EPS.

Other equities research analysts have also recently issued research reports about the stock. Evercore ISI lifted their price target on shares of Simon Property Group from $142.00 to $150.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Scotiabank lifted their price target on shares of Simon Property Group from $142.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. Argus lifted their price target on shares of Simon Property Group from $157.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Truist Financial lifted 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 report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $147.60.

Simon Property Group Trading Down 0.2 %

Shares of NYSE SPG opened at $147.60 on Thursday. Simon Property Group has a 1-year low of $102.11 and a 1-year high of $157.82. The company has a market cap of $48.11 billion, a PE ratio of 18.80, a P/E/G ratio of 8.79 and a beta of 1.71. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.20. The company has a 50-day moving average of $147.08 and a two-hundred day moving average of $146.48.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, May 6th. The real estate investment trust reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.55). Simon Property Group had a return on equity of 78.50% and a net margin of 46.49%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $2.74 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $2.00 dividend. The ex-dividend date is Friday, June 7th. 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 dividend yield of 5.42%. Simon Property Group’s dividend payout ratio is presently 101.91%.

Hedge Funds Weigh In On Simon Property Group

Large investors have recently modified their holdings of the stock. Federated Hermes Inc. grew its stake in shares of Simon Property Group by 45.6% in the third quarter. Federated Hermes Inc. now owns 16,433 shares of the real estate investment trust’s stock valued at $1,775,000 after acquiring an additional 5,150 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Simon Property Group in the third quarter valued at about $972,000. Treasurer of the State of North Carolina grew its stake in shares of Simon Property Group by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 161,514 shares of the real estate investment trust’s stock valued at $17,448,000 after acquiring an additional 605 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Simon Property Group by 15.0% in the third quarter. Bank of Nova Scotia now owns 30,334 shares of the real estate investment trust’s stock worth $3,277,000 after acquiring an additional 3,956 shares during the last quarter. Finally, Gotham Asset Management LLC lifted its holdings in shares of Simon Property Group by 8.2% in the third quarter. Gotham Asset Management LLC now owns 21,519 shares of the real estate investment trust’s stock worth $2,325,000 after acquiring an additional 1,631 shares during the last quarter. 93.01% of the stock is owned by institutional investors.

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.