Simon Property Group (NYSE:SPG) Board Approves Stock Buyback Plan

Simon Property Group (NYSE:SPGGet Free Report) declared that its board has approved a share repurchase program on Thursday, February 8th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Simon Property Group Price Performance

Shares of Simon Property Group stock opened at $145.70 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 0.94 and a debt-to-equity ratio of 7.54. The company’s 50-day moving average price is $141.46 and its two-hundred day moving average price is $123.90. Simon Property Group has a 52 week low of $100.17 and a 52 week high of $147.49. The stock has a market cap of $47.53 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 7.06 and a beta of 1.65.

Simon Property Group (NYSE:SPGGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $3.15 earnings per share. Simon Property Group’s revenue was up 9.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Simon Property Group will post 12.04 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $7.80 dividend on an annualized basis and a yield of 5.35%. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. Simon Property Group’s dividend payout ratio (DPR) is currently 108.88%.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of research reports. StockNews.com raised shares of Simon Property Group from a “hold” rating to a “buy” rating in a report on Friday, January 19th. Morgan Stanley cut Simon Property Group from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $132.00 to $143.00 in a research note on Thursday, December 21st. Piper Sandler raised their target price on Simon Property Group from $148.00 to $172.00 and gave the company an “overweight” rating in a research note on Wednesday, December 20th. The Goldman Sachs Group raised their target price on Simon Property Group from $144.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. Finally, Truist Financial raised their target price on Simon Property Group from $128.00 to $139.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $137.75.

View Our Latest Research Report on Simon Property Group

Simon Property Group Company Profile

(Get Free Report)

Simon is a real estate investment trust engaged 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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