Zacks Research Equities Analysts Increase Earnings Estimates for Simon Property Group, Inc. (NYSE:SPG)

Simon Property Group, Inc. (NYSE:SPG) – Zacks Research upped their Q3 2024 earnings estimates for Simon Property Group in a research note issued to investors on Monday, August 26th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will earn $3.00 per share for the quarter, up from their previous forecast of $2.99. The consensus estimate for Simon Property Group’s current full-year earnings is $12.85 per share. Zacks Research also issued estimates for Simon Property Group’s Q4 2024 earnings at $3.37 EPS, FY2024 earnings at $12.83 EPS, Q4 2025 earnings at $3.28 EPS and FY2025 earnings at $12.20 EPS.

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

Other equities analysts have also issued reports about the stock. Argus increased their price objective on shares of Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Mizuho increased their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Scotiabank increased their target price on shares of Simon Property Group from $152.00 to $169.00 and gave the stock a “sector perform” rating in a report on Monday. Finally, Evercore ISI increased their target price on shares of Simon Property Group from $157.00 to $160.00 and gave the stock an “in-line” rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $160.94.

Simon Property Group Trading Down 1.3 %

Shares of NYSE SPG opened at $165.50 on Wednesday. The company’s 50 day simple moving average is $153.51 and its 200 day simple moving average is $150.24. Simon Property Group has a fifty-two week low of $102.11 and a fifty-two week high of $169.18. The firm has a market capitalization of $53.94 billion, a P/E ratio of 21.08, a P/E/G ratio of 8.58 and a beta of 1.75. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $2.05 dividend. The ex-dividend date is Monday, September 9th. This represents a $8.20 dividend on an annualized basis and a yield of 4.95%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

Insider Activity at Simon Property Group

In other Simon Property Group news, Director Reuben S. Leibowitz bought 486 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $150.17 per share, with a total value of $72,982.62. Following the completion of the transaction, the director now owns 55,001 shares in the company, valued at $8,259,500.17. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Diligent Investors LLC lifted its position in shares of Simon Property Group by 0.5% in the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after purchasing an additional 68 shares during the period. Augustine Asset Management Inc. lifted its position in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 68 shares during the period. TIAA Trust National Association lifted its position in shares of Simon Property Group by 3.7% during the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 69 shares during the period. Inspire Advisors LLC lifted its position in shares of Simon Property Group by 1.7% during the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after acquiring an additional 70 shares during the period. Finally, Mark Asset Management LP lifted its position in shares of Simon Property Group by 0.9% during the 2nd quarter. Mark Asset Management LP now owns 8,095 shares of the real estate investment trust’s stock valued at $1,229,000 after acquiring an additional 72 shares during the period. Institutional investors own 93.01% of the company’s stock.

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.