Simon Property Group, Inc. (SPG) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Simon Property Group, Inc. (NYSE:SPG) announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.03, Bloomberg Earnings reports. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Simon Property Group had a net margin of 32.07% and a return on equity of 39.29%. Simon Property Group’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.63 earnings per share. Simon Property Group updated its FY17 guidance to $11.14-11.22 EPS.

Simon Property Group (NYSE SPG) traded down 2.30% during trading on Friday, hitting $153.58. 2,131,492 shares of the stock traded hands. Simon Property Group has a one year low of $150.15 and a one year high of $219.41. The stock has a market cap of $47.74 billion, a PE ratio of 27.37 and a beta of 0.58. The company has a 50-day moving average price of $160.22 and a 200 day moving average price of $166.37.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be given a dividend of $1.80 per share. The ex-dividend date is Tuesday, August 15th. This represents a $7.20 annualized dividend and a dividend yield of 4.69%. This is a positive change from Simon Property Group’s previous quarterly dividend of $1.75. Simon Property Group’s dividend payout ratio is currently 127.89%.

A number of research analysts have weighed in on the stock. Argus reduced their price target on shares of Simon Property Group from $225.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, June 29th. Morgan Stanley reissued an “equal weight” rating and set a $158.00 target price (down from $180.00) on shares of Simon Property Group in a research report 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 stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, ValuEngine cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $195.01.

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A number of institutional investors have recently bought and sold shares of SPG. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in Simon Property Group by 0.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 973 shares of the real estate investment trust’s stock valued at $157,000 after buying an additional 7 shares in the last quarter. Logan Capital Management Inc. boosted its position in Simon Property Group by 0.6% in the first quarter. Logan Capital Management Inc. now owns 2,435 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 15 shares in the last quarter. Whitnell & Co. boosted its position in Simon Property Group by 0.4% in the second quarter. Whitnell & Co. now owns 5,363 shares of the real estate investment trust’s stock valued at $868,000 after buying an additional 21 shares in the last quarter. WFG Advisors LP boosted its position in shares of Simon Property Group by 1.3% in the second quarter. WFG Advisors LP now owns 1,841 shares of the real estate investment trust’s stock worth $298,000 after buying an additional 23 shares during the period. Finally, Lederer & Associates Investment Counsel CA boosted its position in shares of Simon Property Group by 1.0% in the first quarter. Lederer & Associates Investment Counsel CA now owns 2,550 shares of the real estate investment trust’s stock worth $439,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 95.77% of the company’s stock.

Simon Property Group Company Profile

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.

Earnings History for Simon Property Group (NYSE:SPG)

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