Macerich (NYSE:MAC) Posts Earnings Results, Misses Estimates By $0.90 EPS

Macerich (NYSE:MAC) announced its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.90), Zacks reports. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same quarter last year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis.

Macerich Trading Up 1.1 %

Shares of Macerich stock traded up $0.22 during trading hours on Friday, reaching $19.52. The stock had a trading volume of 1,476,323 shares, compared to its average volume of 1,418,307. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 1.68. Macerich has a 1 year low of $9.90 and a 1 year high of $20.27. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 50.07, a P/E/G ratio of 0.62 and a beta of 2.50. The firm has a 50 day simple moving average of $17.62 and a two-hundred day simple moving average of $16.05.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Analysts Set New Price Targets

Several brokerages have recently commented on MAC. Evercore ISI boosted their price target on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Bank of America lifted their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research report on Thursday. Piper Sandler lifted their price objective on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 3rd. Finally, The Goldman Sachs Group increased their target price on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.40.

About Macerich

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.