Macerich Co (NYSE:MAC) – Stock analysts at KeyCorp reduced their FY2019 earnings per share estimates for shares of Macerich in a report issued on Thursday, December 5th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $3.53 per share for the year, down from their previous estimate of $3.55. KeyCorp also issued estimates for Macerich’s FY2020 earnings at $3.57 EPS.
A number of other research firms have also recently weighed in on MAC. Citigroup lowered their target price on shares of Macerich from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, September 27th. TheStreet cut shares of Macerich from a “c” rating to a “d+” rating in a research note on Thursday, October 31st. ValuEngine raised shares of Macerich from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley decreased their price objective on shares of Macerich from $30.00 to $26.50 and set an “underweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, SunTrust Banks decreased their price objective on shares of Macerich from $43.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $39.19.
Macerich (NYSE:MAC) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.02). The business had revenue of $214.30 million during the quarter, compared to the consensus estimate of $216.69 million. Macerich had a net margin of 8.76% and a return on equity of 2.69%. The business’s revenue was down 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Macerich by 3.6% during the second quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock valued at $688,368,000 after purchasing an additional 711,878 shares during the last quarter. Cohen & Steers Inc. grew its stake in shares of Macerich by 105.1% during the second quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock valued at $443,035,000 after purchasing an additional 6,780,378 shares during the last quarter. BlackRock Inc. grew its stake in shares of Macerich by 1.1% during the second quarter. BlackRock Inc. now owns 11,691,318 shares of the real estate investment trust’s stock valued at $391,543,000 after purchasing an additional 123,293 shares during the last quarter. State Street Corp lifted its holdings in Macerich by 5.9% in the third quarter. State Street Corp now owns 9,257,683 shares of the real estate investment trust’s stock valued at $292,450,000 after buying an additional 515,016 shares during the period. Finally, Morgan Stanley lifted its holdings in Macerich by 3.3% in the second quarter. Morgan Stanley now owns 8,021,660 shares of the real estate investment trust’s stock valued at $268,645,000 after buying an additional 257,575 shares during the period.
In related news, Director Steve Hash purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average cost of $26.44 per share, with a total value of $264,400.00. Following the completion of the purchase, the director now directly owns 26,884 shares of the company’s stock, valued at $710,812.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher J. Zecchini sold 1,500 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.70, for a total transaction of $41,550.00. Following the sale, the chief accounting officer now directly owns 5,672 shares in the company, valued at $157,114.40. The disclosure for this sale can be found here. 1.73% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 8th were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, November 7th. This represents a $3.00 annualized dividend and a yield of 11.02%. Macerich’s dividend payout ratio is 77.92%.
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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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