Zacks: Brokerages Anticipate Simon Property Group (SPG) to Post $2.90 EPS

Wall Street brokerages expect Simon Property Group (NYSE:SPG) to announce earnings per share (EPS) of $2.90 for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Simon Property Group’s earnings, with the lowest EPS estimate coming in at $2.86 and the highest estimate coming in at $2.93. Simon Property Group reported earnings per share of $2.47 during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.4%. The company is scheduled to issue its next quarterly earnings results on Tuesday, August 7th.

On average, analysts expect that Simon Property Group will report full year earnings of $12.02 per share for the current year, with EPS estimates ranging from $11.95 to $12.10. For the next financial year, analysts forecast that the company will post earnings of $12.58 per share, with EPS estimates ranging from $12.34 to $12.79. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that cover Simon Property Group.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings results on Friday, April 27th. The real estate investment trust reported $2.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.04. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Simon Property Group had a return on equity of 50.24% and a net margin of 37.36%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.53 earnings per share.

Several equities research analysts recently weighed in on the company. ValuEngine cut Simon Property Group from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Boenning Scattergood reaffirmed a “buy” rating and issued a $240.00 price target on shares of Simon Property Group in a research note on Thursday, February 1st. Barclays reaffirmed a “buy” rating and issued a $190.00 price target on shares of Simon Property Group in a research note on Wednesday, January 31st. Wells Fargo reaffirmed an “outperform” rating and issued a $175.00 price target (down from $185.00) on shares of Simon Property Group in a research note on Tuesday, May 1st. Finally, Zacks Investment Research raised Simon Property Group from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $184.87.

Several large investors have recently made changes to their positions in SPG. BlackRock Inc. raised its holdings in Simon Property Group by 4.1% in the 1st quarter. BlackRock Inc. now owns 30,272,981 shares of the real estate investment trust’s stock worth $4,672,633,000 after purchasing an additional 1,182,952 shares during the period. APG Asset Management US Inc. lifted its stake in Simon Property Group by 0.3% during the fourth quarter. APG Asset Management US Inc. now owns 7,517,948 shares of the real estate investment trust’s stock worth $1,291,132,000 after purchasing an additional 24,208 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Simon Property Group by 3.1% during the first quarter. Principal Financial Group Inc. now owns 6,096,513 shares of the real estate investment trust’s stock worth $940,997,000 after purchasing an additional 185,668 shares in the last quarter. Northern Trust Corp lifted its stake in Simon Property Group by 6.3% during the first quarter. Northern Trust Corp now owns 5,638,329 shares of the real estate investment trust’s stock worth $870,277,000 after purchasing an additional 334,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Simon Property Group by 3.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,559,558 shares of the real estate investment trust’s stock worth $703,768,000 after purchasing an additional 165,489 shares in the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.

SPG stock traded down $0.93 during midday trading on Friday, hitting $153.72. The stock had a trading volume of 21,825 shares, compared to its average volume of 1,853,464. The stock has a market cap of $50.62 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 2.14 and a beta of 0.55. Simon Property Group has a 52-week low of $153.70 and a 52-week high of $155.57. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 5.93.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 31st. Stockholders of record on Thursday, May 17th will be issued a $1.94 dividend. The ex-dividend date of this dividend is Wednesday, May 16th. This represents a $7.76 dividend on an annualized basis and a dividend yield of 5.05%. Simon Property Group’s dividend payout ratio is presently 69.58%.

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 and Estimates for Simon Property Group (NYSE:SPG)

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