Simon Property (SPG) closed at $110.66 in the latest trading session, marking a -0.1% move from the prior day. This change lagged the S&P 500's daily gain of 0.09%. Meanwhile, the Dow gained 0.07%, and the Nasdaq, a tech-heavy index, added 0.98%.
Coming into today, shares of the shopping mall real estate investment trust had gained 8.19% in the past month. In that same time, the Finance sector gained 5.3%, while the S&P 500 gained 4.59%.
Simon Property will be looking to display strength as it nears its next earnings release, which is expected to be May 2, 2023. On that day, Simon Property is projected to report earnings of $2.80 per share, which would represent year-over-year growth of 0.72%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.34 billion, up 3.12% from the year-ago period.
SPG's full-year Zacks Consensus Estimates are calling for earnings of $12.04 per share and revenue of $5.49 billion. These results would represent year-over-year changes of +1.43% and +3.76%, respectively.
It is also important to note the recent changes to analyst estimates for Simon Property. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.06% lower. Simon Property is currently a Zacks Rank #3 (Hold).
Digging into valuation, Simon Property currently has a Forward P/E ratio of 9.2. This represents a discount compared to its industry's average Forward P/E of 12.17.
It is also worth noting that SPG currently has a PEG ratio of 2.68. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The REIT and Equity Trust - Retail industry currently had an average PEG ratio of 2.57 as of yesterday's close.
The REIT and Equity Trust - Retail industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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