Zacks: Analysts Anticipate Macerich Co (NYSE:MAC) to Post $0.68 EPS

Wall Street analysts expect that Macerich Co (NYSE:MAC) will announce earnings per share of $0.68 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Macerich’s earnings, with the highest EPS estimate coming in at $0.84 and the lowest estimate coming in at $0.45. Macerich reported earnings of $0.88 per share during the same quarter last year, which indicates a negative year over year growth rate of 22.7%. The firm is expected to issue its next quarterly earnings results on Thursday, August 6th.

On average, analysts expect that Macerich will report full year earnings of $3.03 per share for the current fiscal year, with EPS estimates ranging from $2.28 to $3.49. For the next financial year, analysts forecast that the business will report earnings of $2.97 per share, with EPS estimates ranging from $2.36 to $3.53. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that that provide coverage for Macerich.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, May 12th. The real estate investment trust reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. The company had revenue of $227.00 million during the quarter, compared to analyst estimates of $214.96 million. Macerich had a net margin of 10.40% and a return on equity of 3.38%. Macerich’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share.

A number of analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Macerich from $23.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. BMO Capital Markets reissued a “sell” rating and set a $5.50 target price on shares of Macerich in a research note on Monday, May 11th. SunTrust Banks lowered their target price on shares of Macerich from $24.00 to $9.00 and set a “hold” rating for the company in a research note on Friday, April 24th. Evercore ISI reissued a “buy” rating and set a $30.00 target price on shares of Macerich in a research note on Sunday, February 9th. Finally, Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $26.00 to $20.00 in a research note on Wednesday, February 12th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.35.

In other news, President Edward C. Coppola bought 19,948 shares of Macerich stock in a transaction on Wednesday, March 18th. The stock was acquired at an average cost of $6.63 per share, for a total transaction of $132,255.24. Following the completion of the acquisition, the president now owns 325,226 shares of the company’s stock, valued at approximately $2,156,248.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hern Thomas E. O bought 25,000 shares of Macerich stock in a transaction on Monday, March 16th. The stock was purchased at an average price of $9.95 per share, with a total value of $248,750.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 181,948 shares of company stock valued at $1,548,715. 1.73% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in MAC. Smead Capital Management Inc. raised its holdings in Macerich by 78.8% in the first quarter. Smead Capital Management Inc. now owns 4,151,063 shares of the real estate investment trust’s stock worth $23,370,000 after purchasing an additional 1,829,823 shares in the last quarter. Norges Bank bought a new position in Macerich in the fourth quarter worth about $40,883,000. Nuveen Asset Management LLC raised its holdings in Macerich by 152.6% in the first quarter. Nuveen Asset Management LLC now owns 892,475 shares of the real estate investment trust’s stock worth $5,025,000 after purchasing an additional 539,143 shares in the last quarter. Two Sigma Investments LP raised its holdings in Macerich by 4,660.8% in the first quarter. Two Sigma Investments LP now owns 526,214 shares of the real estate investment trust’s stock worth $2,963,000 after purchasing an additional 515,161 shares in the last quarter. Finally, Balyasny Asset Management LLC raised its holdings in Macerich by 582.9% in the first quarter. Balyasny Asset Management LLC now owns 506,413 shares of the real estate investment trust’s stock worth $2,851,000 after purchasing an additional 432,255 shares in the last quarter.

NYSE MAC traded down $0.41 on Monday, hitting $6.95. 6,001,741 shares of the stock were exchanged, compared to its average volume of 7,961,831. The company has a debt-to-equity ratio of 2.19, a quick ratio of 3.05 and a current ratio of 3.05. The stock has a fifty day moving average price of $6.87 and a two-hundred day moving average price of $18.94. The firm has a market capitalization of $1.04 billion, a P/E ratio of 10.22 and a beta of 1.83. Macerich has a 52-week low of $4.54 and a 52-week high of $38.45.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, April 22nd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 28.78%. The ex-dividend date of this dividend is Tuesday, April 21st. Macerich’s dividend payout ratio (DPR) is presently 11.30%.

About Macerich

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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