Analysts expect that Macerich Co (NYSE:MAC) will report $0.87 earnings per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Macerich’s earnings. The highest EPS estimate is $0.89 and the lowest is $0.81. Macerich posted earnings per share of $0.99 during the same quarter last year, which indicates a negative year over year growth rate of 12.1%. The company is scheduled to issue its next earnings results on Wednesday, October 30th.
According to Zacks, analysts expect that Macerich will report full-year earnings of $3.55 per share for the current fiscal year, with EPS estimates ranging from $3.51 to $3.57. For the next financial year, analysts anticipate that the business will report earnings of $3.65 per share, with EPS estimates ranging from $3.59 to $3.71. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Macerich.
Macerich (NYSE:MAC) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.02. The business had revenue of $227.97 million during the quarter, compared to analyst estimates of $213.18 million. Macerich had a return on equity of 3.49% and a net margin of 11.59%. Macerich’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share.
A number of research firms have recently weighed in on MAC. Morgan Stanley dropped their price objective on Macerich from $30.00 to $26.50 and set an “underweight” rating for the company in a research note on Tuesday, September 3rd. Zacks Investment Research raised Macerich from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Monday, August 26th. Citigroup dropped their price objective on Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. SunTrust Banks dropped their price objective on Macerich from $43.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Finally, BMO Capital Markets reissued a “buy” rating and set a $44.00 price objective on shares of Macerich in a research note on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $40.96.
Shares of NYSE:MAC traded down $0.10 during trading on Friday, reaching $33.23. 2,615,672 shares of the company traded hands, compared to its average volume of 2,102,456. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 8.63, a P/E/G ratio of 4.25 and a beta of 0.76. Macerich has a 52-week low of $27.54 and a 52-week high of $57.38. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.87. The business’s fifty day moving average is $30.36 and its 200-day moving average is $36.99.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Monday, August 19th were issued a dividend of $0.75 per share. The ex-dividend date was Friday, August 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.03%. Macerich’s dividend payout ratio is presently 77.92%.
In other Macerich news, CEO Hern Thomas E. O bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $28.02 per share, for a total transaction of $140,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kenneth Volk bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $30.43 per share, with a total value of $91,290.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 67,924 shares of company stock valued at $2,123,084. 1.73% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Cornerstone Advisors Inc. raised its holdings in Macerich by 183.9% in the second quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 708 shares in the last quarter. Bessemer Group Inc. raised its holdings in Macerich by 1,253.3% in the second quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,128 shares in the last quarter. Pearl River Capital LLC bought a new position in Macerich in the first quarter worth $62,000. CSat Investment Advisory L.P. raised its holdings in Macerich by 50.8% in the first quarter. CSat Investment Advisory L.P. now owns 1,544 shares of the real estate investment trust’s stock worth $67,000 after purchasing an additional 520 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new position in Macerich in the first quarter worth $78,000. Institutional investors own 97.65% of the company’s stock.
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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