Simon Property Group (NYSE:SPG) Issues Earnings Results, Beats Expectations By $0.01 EPS

Simon Property Group (NYSE:SPG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.98 by $0.01, Briefing.com reports. Simon Property Group had a net margin of 41.45% and a return on equity of 62.69%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the company posted $2.98 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Simon Property Group updated its FY 2019 guidance to $12.30-12.40 EPS and its FY19 guidance to $12.30-12.40 EPS.

NYSE:SPG traded up $1.81 on Friday, reaching $159.29. 38,048 shares of the company’s stock were exchanged, compared to its average volume of 1,373,518. The company has a debt-to-equity ratio of 6.34, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $48.66 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 2.91 and a beta of 0.52. Simon Property Group has a 52 week low of $155.04 and a 52 week high of $191.49. The company has a fifty day moving average of $161.45.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date of this dividend is Thursday, August 15th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s dividend payout ratio (DPR) is currently 67.60%.

A number of analysts recently issued reports on the stock. ValuEngine downgraded shares of Simon Property Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Barclays restated a “buy” rating and set a $202.00 price objective on shares of Simon Property Group in a report on Tuesday, April 16th. Deutsche Bank decreased their price objective on shares of Simon Property Group from $191.00 to $188.00 and set a “hold” rating for the company in a report on Tuesday, June 11th. JPMorgan Chase & Co. decreased their price objective on shares of Simon Property Group from $198.00 to $193.00 and set an “overweight” rating for the company in a report on Monday, June 3rd. Finally, Citigroup decreased their price objective on shares of Simon Property Group from $192.00 to $185.00 and set a “buy” rating for the company in a report on Friday, June 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $190.62.

In other Simon Property Group news, insider John Rulli sold 9,160 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $176.17, for a total transaction of $1,613,717.20. Following the completion of the transaction, the insider now owns 29,646 shares in the company, valued at $5,222,735.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.75% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SPG. Employers Holdings Inc. bought a new stake in Simon Property Group during the second quarter valued at approximately $242,000. Comerica Bank lifted its position in Simon Property Group by 1.7% during the second quarter. Comerica Bank now owns 83,345 shares of the real estate investment trust’s stock valued at $13,347,000 after purchasing an additional 1,384 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Simon Property Group by 10.6% during the second quarter. Envestnet Asset Management Inc. now owns 120,347 shares of the real estate investment trust’s stock valued at $19,227,000 after purchasing an additional 11,506 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its position in Simon Property Group by 44.3% during the second quarter. Candriam Luxembourg S.C.A. now owns 39,268 shares of the real estate investment trust’s stock valued at $7,523,000 after purchasing an additional 12,046 shares during the last quarter. Finally, Twin Capital Management Inc. lifted its position in Simon Property Group by 93.6% during the second quarter. Twin Capital Management Inc. now owns 6,700 shares of the real estate investment trust’s stock valued at $1,070,000 after purchasing an additional 3,240 shares during the last quarter. Institutional investors own 95.34% of the company’s stock.

About Simon Property Group

Simon is a global leader 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.

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Earnings History for Simon Property Group (NYSE:SPG)

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