Macerich (MAC) Set to Announce Earnings on Tuesday

Macerich (NYSE:MAC) is scheduled to post its quarterly earnings results before the market opens on Tuesday, April 30th. Analysts expect Macerich to post earnings of $0.39 per share for the quarter. Macerich has set its FY24 guidance at $1.76-$1.86 EPS and its FY 2024 guidance at 1.760-1.860 EPS.Parties interested in registering for the company’s conference call can do so using this link.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The firm had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same period in the previous year, the company earned $0.53 EPS. Macerich’s revenue was up 4.6% compared to the same quarter last year. On average, analysts expect Macerich to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Macerich Price Performance

Shares of Macerich stock opened at $15.67 on Friday. The business has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $14.53. Macerich has a 12 month low of $9.05 and a 12 month high of $17.69. The stock has a market capitalization of $3.38 billion, a P/E ratio of -12.34, a PEG ratio of 1.73 and a beta of 2.33. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.34%. Macerich’s payout ratio is currently -53.54%.

Insider Buying and Selling

In related news, Director Hern Thomas E. O sold 7,964 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Hern Thomas E. O sold 95,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the transaction, the director now directly owns 102,900 shares in the company, valued at $1,743,126. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The disclosure for this sale can be found here. Over the last three months, insiders sold 172,964 shares of company stock worth $2,940,030. Company insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

MAC has been the subject of a number of research analyst reports. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. The Goldman Sachs Group increased their price target on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and increased their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 price target on shares of Macerich in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $14.40.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.