Macerich (MAC) Updates FY 2018 Earnings Guidance

Macerich (NYSE:MAC) issued an update on its FY 2018 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.82-3.87 for the period.

Shares of MAC stock traded down $0.26 during mid-day trading on Wednesday, reaching $51.62. 1,455,455 shares of the company’s stock traded hands, compared to its average volume of 1,263,068. Macerich has a 12 month low of $49.41 and a 12 month high of $69.73. The stock has a market cap of $7.27 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 2.11 and a beta of 0.82. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.50.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.91). Macerich had a net margin of 2.52% and a return on equity of 1.58%. The business had revenue of $234.50 million for the quarter, compared to the consensus estimate of $216.37 million. During the same quarter last year, the firm posted $0.19 EPS. The business’s quarterly revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts forecast that Macerich will post 3.86 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Friday, November 9th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date is Thursday, November 8th. This is a boost from Macerich’s previous quarterly dividend of $0.74. Macerich’s payout ratio is 75.32%.

MAC has been the topic of a number of research reports. Goldman Sachs Group upgraded shares of Macerich from a sell rating to a neutral rating and boosted their target price for the company from $52.00 to $64.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Macerich from a hold rating to a sell rating in a research note on Monday, July 30th. BMO Capital Markets set a $66.00 price target on shares of Macerich and gave the stock a buy rating in a research note on Wednesday, August 1st. Bank of America upped their price target on shares of Macerich from $60.00 to $62.00 and gave the stock a neutral rating in a research note on Monday, August 13th. Finally, SunTrust Banks reiterated a hold rating and issued a $60.00 price target on shares of Macerich in a research note on Thursday, August 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the stock. Macerich has a consensus rating of Hold and an average target price of $63.97.

Macerich Company Profile

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

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Earnings History and Estimates for Macerich (NYSE:MAC)

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