Simon Property Group Up 4.16% To $142.33 After Earnings

February 6, 2024 | by magnews24.com

Simon Property Group Inc (SPG) surpassed earnings projections on 2/5/2024 for Q4 2023.

Simon Property Group’s earnings came in at an EPS of $3.69 per share. The firm’s earnings are up 9% since reporting $3.4 per share in the same period a year ago.

Revenues were upbeat at $1.5 billion. That is an increase of 9.07% in revenues from the year-ago report and is 12.28% higher than consensus estimates set at $1.4 billion.

The stock is up 4.16% to $142.33 after the report.

Simon Property Group’s revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 56. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Simon Property Group is the second- largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 119 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and five other retail properties. Simon’s portfolio averaged $693 in sales per square foot over the 12 months prior to the pandemic. The company also owns a 21% interest in Klepierre, a European retail company with investments in shopping centers in 16 countries, and joint venture interests in 33 premium outlets across 11 countries.

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