Jefferies Financial Group Equities Analysts Cut Earnings Estimates for Macerich Co (MAC)

Macerich Co (NYSE:MAC) – Equities research analysts at Jefferies Financial Group cut their Q2 2019 EPS estimates for shares of Macerich in a research report issued to clients and investors on Monday, May 20th. Jefferies Financial Group analyst O. Okusanya now forecasts that the real estate investment trust will post earnings per share of $0.87 for the quarter, down from their prior estimate of $0.88. Jefferies Financial Group has a “Hold” rating and a $46.00 price objective on the stock. Jefferies Financial Group also issued estimates for Macerich’s Q3 2019 earnings at $0.89 EPS and Q2 2020 earnings at $0.91 EPS.

Macerich (NYSE:MAC) last issued its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.76). Macerich had a return on equity of 3.75% and a net margin of 10.67%. The company had revenue of $216.34 million for the quarter, compared to the consensus estimate of $206.88 million. During the same quarter in the prior year, the company posted $0.82 EPS. Macerich’s revenue was down 4.4% compared to the same quarter last year.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets restated a “buy” rating and set a $56.00 target price on shares of Macerich in a research report on Thursday, February 7th. Royal Bank of Canada reaffirmed a “hold” rating and set a $46.00 price target on shares of Macerich in a research note on Tuesday, February 26th. Deutsche Bank decreased their price target on shares of Macerich from $51.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, February 12th. Wells Fargo & Co downgraded shares of Macerich from an “outperform” rating to a “market perform” rating and set a $43.00 price target on the stock. in a research note on Friday, February 8th. Finally, ValuEngine downgraded shares of Macerich from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 24th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $54.00.

Shares of NYSE:MAC opened at $40.27 on Thursday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.90 and a quick ratio of 0.90. Macerich has a fifty-two week low of $39.60 and a fifty-two week high of $60.95. The firm has a market cap of $5.87 billion, a P/E ratio of 10.46, a P/E/G ratio of 6.44 and a beta of 0.83.

Several institutional investors and hedge funds have recently made changes to their positions in MAC. JPMorgan Chase & Co. raised its stake in shares of Macerich by 163.1% in the third quarter. JPMorgan Chase & Co. now owns 335,074 shares of the real estate investment trust’s stock valued at $18,526,000 after acquiring an additional 207,715 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Macerich by 1,480.2% in the fourth quarter. Meeder Asset Management Inc. now owns 1,754 shares of the real estate investment trust’s stock valued at $76,000 after acquiring an additional 1,643 shares during the period. Strs Ohio raised its stake in shares of Macerich by 10.1% in the fourth quarter. Strs Ohio now owns 220,837 shares of the real estate investment trust’s stock valued at $9,557,000 after acquiring an additional 20,332 shares during the period. IFM Investors Pty Ltd raised its stake in shares of Macerich by 22.1% in the fourth quarter. IFM Investors Pty Ltd now owns 6,906 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 1,251 shares during the period. Finally, Lenox Wealth Management Inc. purchased a new stake in shares of Macerich in the fourth quarter valued at $496,000. 96.24% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Hern Thomas E. O bought 10,000 shares of Macerich stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average price of $40.99 per share, with a total value of $409,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Volk sold 5,000 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $42.19, for a total transaction of $210,950.00. Following the completion of the sale, the senior vice president now directly owns 12,399 shares in the company, valued at approximately $523,113.81. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 20,000 shares of company stock worth $810,850. 1.73% of the stock is owned by insiders.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 8th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 7.45%. The ex-dividend date of this dividend is Tuesday, May 7th. Macerich’s 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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Earnings History and Estimates for Macerich (NYSE:MAC)

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