Equities research analysts predict that Simon Property Group, Inc. (NYSE:SPG) will report earnings of $2.87 per share for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Simon Property Group’s earnings, with the highest EPS estimate coming in at $2.90 and the lowest estimate coming in at $2.84. Simon Property Group reported earnings of $1.61 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 78.3%. The business is expected to announce its next earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Simon Property Group will report full-year earnings of $11.20 per share for the current year, with EPS estimates ranging from $11.15 to $11.24. For the next financial year, analysts expect that the business will report earnings of $12.19 per share, with EPS estimates ranging from $12.03 to $12.27. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Simon Property Group.
Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.03. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.37 billion. Simon Property Group had a return on equity of 39.29% and a net margin of 32.07%. Simon Property Group’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.63 earnings per share.
Several research analysts recently weighed in on the stock. Argus dropped their target price on shares of Simon Property Group from $225.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, June 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $158.00 price target (down previously from $180.00) on shares of Simon Property Group in a research note on Saturday, June 3rd. Zacks Investment Research cut shares of Simon Property Group from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Boenning Scattergood set a $240.00 target price on shares of Simon Property Group and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus set a $170.00 target price on shares of Simon Property Group and gave the company a “hold” rating in a research report on Sunday, August 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. Simon Property Group has an average rating of “Hold” and a consensus price target of $195.01.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Simon Property Group by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 45,741,576 shares of the real estate investment trust’s stock valued at $7,399,158,000 after purchasing an additional 259,901 shares during the last quarter. BlackRock Inc. raised its position in Simon Property Group by 1,886.1% during the 1st quarter. BlackRock Inc. now owns 29,769,454 shares of the real estate investment trust’s stock worth $5,121,238,000 after buying an additional 28,270,599 shares during the last quarter. Capital World Investors raised its position in Simon Property Group by 25.4% during the 2nd quarter. Capital World Investors now owns 20,788,000 shares of the real estate investment trust’s stock worth $3,362,667,000 after buying an additional 4,210,000 shares during the last quarter. State Street Corp raised its position in Simon Property Group by 0.7% during the 1st quarter. State Street Corp now owns 18,280,079 shares of the real estate investment trust’s stock worth $3,144,722,000 after buying an additional 118,826 shares during the last quarter. Finally, APG Asset Management US Inc. raised its position in Simon Property Group by 7.4% during the 2nd quarter. APG Asset Management US Inc. now owns 7,258,540 shares of the real estate investment trust’s stock worth $1,174,141,000 after buying an additional 498,800 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.
Shares of Simon Property Group (SPG) opened at 159.56 on Thursday. Simon Property Group has a 52-week low of $150.15 and a 52-week high of $215.56. The stock has a market cap of $49.60 billion, a P/E ratio of 28.44 and a beta of 0.58. The firm’s 50 day moving average price is $159.58 and its 200 day moving average price is $163.95.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend was Tuesday, August 15th. This is a boost from Simon Property Group’s previous quarterly dividend of $1.75. Simon Property Group’s payout ratio is 127.89%.
About Simon Property Group
Simon Property Group, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets.
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