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

Macerich (NYSE:MAC) posted its quarterly earnings results 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. The business had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share.

Macerich Trading Up 1.1 %

Shares of Macerich stock traded up $0.22 during trading on Friday, reaching $19.52. The company’s stock had a trading volume of 1,476,323 shares, compared to its average volume of 1,418,307. The company has a quick ratio of 0.86, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 52-week low of $9.90 and a 52-week high of $20.27. The firm’s 50-day moving average is $17.62 and its two-hundred day moving average is $16.05. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 50.07, a PEG ratio of 0.62 and a beta of 2.50.

Macerich Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently weighed in on MAC. Bank of America increased their target price on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Piper Sandler raised their price objective on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. Compass Point increased their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group increased their price objective on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Finally, Evercore ISI increased their target price on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Macerich currently has a consensus rating of “Hold” and an average 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.