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

Simon Property Group, Inc. (NYSE:SPG) announced a quarterly dividend on Tuesday, February 4th, RTT News reports. Investors of record on Monday, March 10th will be given a dividend of 2.10 per share by the real estate investment trust on Monday, March 31st. This represents a $8.40 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend is Monday, March 10th.

Simon Property Group has increased its dividend payment by an average of 11.5% annually over the last three years. Simon Property Group has a dividend 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 Down 2.0 %

NYSE SPG opened at $170.97 on Friday. The company has a current ratio of 1.28, a quick ratio of 2.00 and a debt-to-equity ratio of 7.19. The stock’s 50 day moving average is $178.03 and its two-hundred day moving average is $174.40. The company has a market capitalization of $55.78 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 10.10 and a beta of 1.78. Simon Property Group has a 1-year low of $139.25 and a 1-year high of $190.14.

Simon Property Group (NYSE:SPG) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $1.70. Simon Property Group had a net margin of 41.49% and a return on equity of 74.02%. Equities analysts forecast that Simon Property Group will post 12.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz purchased 465 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $168.59 per share, with a total value of $78,394.35. Following the acquisition, the director now directly owns 55,919 shares of the company’s stock, valued at approximately $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

A hedge fund recently bought a new stake in Simon Property Group stock. Brighton Jones LLC bought a new position in Simon Property Group, Inc. (NYSE:SPG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,713 shares of the real estate investment trust’s stock, valued at approximately $295,000. 93.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $175.00 to $205.00 in a research report on Wednesday, February 5th. StockNews.com cut shares of Simon Property Group from a “buy” rating to a “hold” rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a research report on Tuesday, December 17th. They issued a “hold” rating and a $195.00 price objective for the company. Mizuho boosted their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $179.00 to $198.00 in a research report on Thursday, January 2nd. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $178.44.

About Simon Property Group

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.