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

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

Macerich Trading Up 1.1 %

NYSE:MAC traded up $0.22 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. Macerich has a 12-month low of $9.90 and a 12-month high of $20.27. The company has a market cap 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’s fifty day moving average is $17.62 and its two-hundred day moving average is $16.05. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.86.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 is presently 174.36%.

Analyst Ratings Changes

Several equities research analysts recently commented on MAC shares. Bank of America lifted their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Compass Point increased their price target on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler lifted their price objective on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price target on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research report on Thursday, September 19th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target 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.