Simon Property Group, Inc. (NYSE:SPG) to Issue Quarterly Dividend of $2.10

Simon Property Group, Inc. (NYSE:SPG) declared a quarterly dividend on Friday, November 1st, RTT News reports. Shareholders of record on Monday, December 9th will be given a dividend of 2.10 per share by the real estate investment trust on Monday, December 30th. This represents a $8.40 annualized dividend and a yield of 5.01%. This is an increase from Simon Property Group’s previous quarterly dividend of $2.05.

Simon Property Group has raised its dividend payment by an average of 7.5% per year over the last three years. Simon Property Group has a dividend payout ratio of 131.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Simon Property Group to earn $12.45 per share next year, which means the company should continue to be able to cover its $8.20 annual dividend with an expected future payout ratio of 65.9%.

Simon Property Group Stock Performance

SPG opened at $167.70 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The company’s fifty day moving average price is $168.55 and its two-hundred day moving average price is $156.39. Simon Property Group has a 1-year low of $113.40 and a 1-year high of $177.08. The company has a market cap of $54.68 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 9.61 and a beta of 1.74.

Simon Property Group (NYSE:SPG) last released 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 return on equity of 78.14% and a net margin of 45.90%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the company posted $2.88 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts expect that Simon Property Group will post 12.85 EPS for the current fiscal year.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of Simon Property Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the completion of the transaction, the director now owns 34,301 shares in the company, valued at $5,738,557.30. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Truist Financial increased their target price on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. StockNews.com downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Mizuho increased their target price on shares of Simon Property Group from $155.00 to $158.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Piper Sandler reiterated a “neutral” rating and issued a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up previously from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $162.78.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.