Simon Property Group (NYSE:SPG) announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $3.04 EPS for the quarter, beating the consensus estimate of $3.02 by $0.02, RTT News reports. Simon Property Group had a return on equity of 62.69% and a net margin of 41.45%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $2.00 EPS. The company’s revenue was up 4.2% on a year-over-year basis. Simon Property Group updated its FY19 guidance to $12.30-12.40 EPS.
Shares of SPG traded down $1.12 during mid-day trading on Wednesday, hitting $171.68. The stock had a trading volume of 1,449,105 shares, compared to its average volume of 1,372,989. The firm has a market cap of $53.34 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 3.17 and a beta of 0.54. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 6.34. Simon Property Group has a fifty-two week low of $157.63 and a fifty-two week high of $191.49.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a $2.05 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $8.20 annualized dividend and a dividend yield of 4.78%. Simon Property Group’s payout ratio is 67.60%.
Simon Property Group declared that its Board of Directors has approved a stock repurchase program on Tuesday, February 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the real estate investment trust to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of equities research analysts have weighed in on SPG shares. BMO Capital Markets restated a “buy” rating and set a $191.00 price objective on shares of Simon Property Group in a research note on Friday, February 1st. Barclays restated a “buy” rating and set a $202.00 price objective on shares of Simon Property Group in a research note on Tuesday, April 16th. Mizuho lowered Simon Property Group from a “buy” rating to a “neutral” rating and set a $193.00 price objective for the company. in a research note on Friday, February 15th. Finally, Wells Fargo & Co lowered Simon Property Group from an “overweight” rating to a “market weight” rating in a research note on Friday, February 8th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $192.14.
In other news, insider John Rulli sold 9,160 shares of Simon Property Group stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $176.17, for a total value of $1,613,717.20. Following the completion of the transaction, the insider now owns 29,646 shares in the company, valued at approximately $5,222,735.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.75% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in shares of Simon Property Group by 2.5% in the 4th quarter. BlackRock Inc. now owns 31,228,680 shares of the real estate investment trust’s stock worth $5,246,108,000 after purchasing an additional 763,535 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Simon Property Group by 33,036.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,272,633 shares of the real estate investment trust’s stock worth $67,000 after purchasing an additional 11,238,614 shares during the last quarter. FMR LLC lifted its holdings in shares of Simon Property Group by 19.8% in the 4th quarter. FMR LLC now owns 8,049,529 shares of the real estate investment trust’s stock worth $1,352,241,000 after purchasing an additional 1,331,005 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Simon Property Group by 2.6% in the 1st quarter. Northern Trust Corp now owns 5,944,106 shares of the real estate investment trust’s stock worth $1,083,076,000 after purchasing an additional 149,589 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Simon Property Group by 21.6% in the 1st quarter. Geode Capital Management LLC now owns 5,728,095 shares of the real estate investment trust’s stock worth $1,043,331,000 after purchasing an additional 1,015,780 shares during the last quarter. 96.49% of the stock is currently owned by institutional investors and hedge funds.
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Simon Property Group Company Profile
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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