The Macerich Company (NYSE:MAC) Expected to Post Earnings of $0.43 Per Share

Analysts forecast that The Macerich Company (NYSE:MAC) will post earnings of $0.43 per share for the current quarter, Zacks reports. Three analysts have made estimates for The Macerich’s earnings. The highest EPS estimate is $0.46 and the lowest is $0.39. The Macerich reported earnings per share of $0.52 during the same quarter last year, which suggests a negative year over year growth rate of 17.3%. The business is scheduled to report its next earnings report on Thursday, November 4th.

On average, analysts expect that The Macerich will report full year earnings of $1.90 per share for the current year, with EPS estimates ranging from $1.83 to $1.94. For the next fiscal year, analysts anticipate that the business will report earnings of $1.90 per share, with EPS estimates ranging from $1.77 to $1.97. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover The Macerich.

The Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, August 3rd. The real estate investment trust reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.50). The company had revenue of $215.47 million during the quarter, compared to the consensus estimate of $189.58 million. The Macerich had a negative return on equity of 10.81% and a negative net margin of 36.62%. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share.

MAC has been the subject of a number of research reports. Scotiabank lifted their target price on The Macerich from $16.00 to $19.00 and gave the stock a “sector perform” rating in a report on Monday, June 28th. Citigroup upped their target price on The Macerich from $11.00 to $17.00 and gave the stock a “sell” rating in a research note on Thursday, July 1st. Zacks Investment Research upgraded The Macerich from a “sell” rating to a “hold” rating and set a $19.00 price target for the company in a research report on Wednesday, June 9th. Jefferies Financial Group upgraded The Macerich from an “underperform” rating to a “hold” rating and upped their target price for the company from $10.00 to $19.00 in a report on Thursday, July 15th. Finally, Morgan Stanley upped their price target on The Macerich from $13.00 to $13.50 and gave the company an “underweight” rating in a research note on Thursday, August 19th. Six research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, The Macerich has an average rating of “Hold” and an average target price of $17.12.

In other news, CAO Christopher J. Zecchini sold 2,500 shares of the firm’s stock in a transaction dated Friday, June 18th. The stock was sold at an average price of $17.27, for a total value of $43,175.00. Following the sale, the chief accounting officer now directly owns 11,460 shares of the company’s stock, valued at $197,914.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven L. Soboroff sold 2,103 shares of the stock in a transaction dated Monday, July 12th. The shares were sold at an average price of $18.04, for a total transaction of $37,938.12. Following the completion of the sale, the director now owns 38,954 shares of the company’s stock, valued at approximately $702,730.16. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Advisory Services Network LLC acquired a new stake in The Macerich during the 2nd quarter worth $29,000. Signaturefd LLC lifted its position in The Macerich by 150.8% during the 1st quarter. Signaturefd LLC now owns 2,809 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,689 shares in the last quarter. Sandy Spring Bank acquired a new position in shares of The Macerich during the 2nd quarter worth about $42,000. Eaton Vance Management acquired a new position in shares of The Macerich during the 1st quarter worth about $70,000. Finally, CWM LLC boosted its holdings in The Macerich by 100,920.0% in the 1st quarter. CWM LLC now owns 10,102 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 10,092 shares during the period. 72.98% of the stock is owned by institutional investors.

MAC traded down $0.03 on Thursday, hitting $17.74. The company had a trading volume of 2,304,175 shares, compared to its average volume of 6,183,917. The Macerich has a 12-month low of $6.42 and a 12-month high of $25.99. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -9.91 and a beta of 2.05. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a fifty day moving average price of $16.79 and a 200-day moving average price of $15.41.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 8th. Shareholders of record on Thursday, August 19th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Wednesday, August 18th. The Macerich’s payout ratio is currently 27.78%.

About The Macerich

Macerich Co operates as a real estate investment trust, which engages in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. It conducts all of its operations through the operating partnership and the management companies.

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Earnings History and Estimates for The Macerich (NYSE:MAC)

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