Simon Property Group, Inc. (SPG) to Issue Quarterly Dividend of $2.10 on March 31st

Simon Property Group, Inc. (NYSE:SPG) declared a quarterly dividend on Tuesday, February 4th,RTT News reports. Shareholders of record on Monday, March 10th will be paid 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 4.69%. The ex-dividend date is Monday, March 10th.

Simon Property Group has raised its dividend by an average of 11.5% per year over the last three years. Simon Property Group has a payout ratio of 128.0% 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 research analysts expect Simon Property Group to earn $12.44 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 67.5%.

Simon Property Group Price Performance

Shares of SPG stock opened at $179.02 on Thursday. Simon Property Group has a 52-week low of $137.25 and a 52-week high of $186.00. The stock has a market cap of $58.41 billion, a PE ratio of 23.84, a PEG ratio of 9.31 and a beta of 1.74. The company has a debt-to-equity ratio of 8.20, a quick ratio of 2.00 and a current ratio of 2.00. The firm’s 50 day moving average price is $175.74 and its two-hundred day moving average price is $170.06.

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 for the quarter, topping the consensus estimate of $1.98 by $1.70. Simon Property Group had a net margin of 43.36% and a return on equity of 76.21%. As a group, analysts forecast that Simon Property Group will post 12.72 EPS for the current year.

Analysts Set New Price Targets

SPG has been the topic of a number of research analyst reports. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Mizuho raised their price objective on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Piper Sandler upgraded shares of Simon Property Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $205.00 in a report on Wednesday. Jefferies Financial Group upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $179.00 to $198.00 in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Simon Property Group in a report on Tuesday, December 17th. They set a “hold” rating and a $195.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $175.10.

Insiders Place Their Bets

In other news, Director Reuben S. Leibowitz bought 465 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was bought at an average cost of $168.59 per share, for a total transaction of $78,394.35. Following the transaction, the director now owns 55,919 shares of the company’s stock, valued at $9,427,384.21. This represents a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

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.