Analysts predict that Macerich Co (NYSE:MAC) will announce sales of $220.35 million for the current quarter, according to Zacks. Four analysts have made estimates for Macerich’s earnings. The lowest sales estimate is $216.30 million and the highest is $229.30 million. Macerich posted sales of $217.63 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.2%. The firm is expected to issue its next quarterly earnings results on Wednesday, October 30th.
According to Zacks, analysts expect that Macerich will report full-year sales of $885.12 million for the current financial year, with estimates ranging from $858.10 million to $932.40 million. For the next financial year, analysts anticipate that the company will post sales of $913.47 million, with estimates ranging from $839.00 million to $988.00 million. Zacks’ sales averages are an average based on a survey of research firms that cover Macerich.
Macerich (NYSE:MAC) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.02. Macerich had a return on equity of 3.75% and a net margin of 10.67%. The firm had revenue of $227.97 million for the quarter, compared to the consensus estimate of $213.18 million. During the same quarter in the prior year, the business earned $0.96 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year.
Several brokerages have commented on MAC. Morgan Stanley dropped their target price on shares of Macerich from $180.00 to $170.00 and set an “underweight” rating for the company in a research report on Thursday, June 20th. Barclays reiterated a “hold” rating and set a $36.00 target price on shares of Macerich in a research report on Thursday, July 18th. Finally, Citigroup dropped their target price on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $59.33.
NYSE:MAC traded up $0.11 during trading hours on Friday, hitting $32.37. 1,396,695 shares of the stock were exchanged, compared to its average volume of 1,534,976. The company’s 50 day moving average is $33.32. Macerich has a twelve month low of $31.53 and a twelve month high of $60.95. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $4.67 billion, a P/E ratio of 8.41, a P/E/G ratio of 4.86 and a beta of 0.73.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Monday, August 19th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 9.27%. The ex-dividend date is Friday, August 16th. Macerich’s payout ratio is currently 77.92%.
In other Macerich news, Director Andrea M. Stephen purchased 20,000 shares of Macerich stock in a transaction on Tuesday, June 11th. The stock was bought at an average cost of $35.02 per share, with a total value of $700,400.00. Following the transaction, the director now owns 16,580 shares of the company’s stock, valued at approximately $580,631.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea M. Stephen purchased 10,000 shares of Macerich stock in a transaction on Wednesday, June 26th. The shares were acquired at an average cost of $32.06 per share, with a total value of $320,600.00. Following the completion of the transaction, the director now directly owns 16,580 shares in the company, valued at approximately $531,554.80. The disclosure for this purchase can be found here. Insiders have purchased 79,000 shares of company stock worth $2,845,735 in the last three months. 1.73% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of Macerich by 52.3% in the 4th quarter. Principal Financial Group Inc. now owns 239,823 shares of the real estate investment trust’s stock worth $10,380,000 after acquiring an additional 82,366 shares during the last quarter. Two Sigma Investments LP raised its stake in Macerich by 513.0% during the 4th quarter. Two Sigma Investments LP now owns 65,394 shares of the real estate investment trust’s stock worth $2,830,000 after buying an additional 54,726 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in Macerich during the 4th quarter worth $122,000. Jane Street Group LLC acquired a new stake in Macerich during the 4th quarter worth $358,000. Finally, Legal & General Group Plc raised its stake in Macerich by 2.1% during the 4th quarter. Legal & General Group Plc now owns 1,278,017 shares of the real estate investment trust’s stock worth $55,313,000 after buying an additional 26,358 shares during the period. 97.60% of the stock is owned by institutional investors.
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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