Simon Property Group, Inc. (SPG) To Go Ex-Dividend on June 9th

Simon Property Group, Inc. (NYSE:SPG) declared a quarterly dividend on Tuesday, May 13th, Wall Street Journal reports. Investors of record on Monday, June 9th will be given a dividend of 2.10 per share by the real estate investment trust on Monday, June 30th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date of this dividend is Monday, June 9th.

Simon Property Group has a payout ratio of 122.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Simon Property Group to earn $12.88 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 65.2%.

Simon Property Group Stock Performance

NYSE SPG opened at $162.19 on Friday. The company has a quick ratio of 2.00, a current ratio of 1.28 and a debt-to-equity ratio of 7.19. Simon Property Group has a 52-week low of $136.34 and a 52-week high of $190.14. The business’s 50-day moving average price is $156.92 and its 200 day moving average price is $169.31. The firm has a market cap of $52.94 billion, a P/E ratio of 22.34, a P/E/G ratio of 10.10 and a beta of 1.43.

Simon Property Group (NYSE:SPG) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.91 by $0.04. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm earned $3.56 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts expect that Simon Property Group will post 12.54 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SPG shares. Stifel Nicolaus lifted their price target on shares of Simon Property Group from $168.50 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Scotiabank cut their price objective on Simon Property Group from $186.00 to $159.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Piper Sandler cut their price objective on Simon Property Group from $205.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Wall Street Zen downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th. Finally, JPMorgan Chase & Co. cut their price objective on Simon Property Group from $192.00 to $180.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Simon Property Group presently has a consensus rating of “Hold” and a consensus target price of $179.20.

Institutional Investors Weigh In On Simon Property Group

An institutional investor recently bought a new position in Simon Property Group stock. Brighton Jones LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,713 shares of the real estate investment trust’s stock, valued at approximately $295,000. 93.01% of the stock is currently owned by institutional investors.

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.